Shiba Inu (SHIB) is currently seeing price actions indicative of potential bullish reversals, according to recent analysis by cryptocurrency experts. The meme-based cryptocurrency is consolidATING within a falling wedge pattern, which typically signals impending upward momentum.
On March 12, 2025, SHIB was noted to be testing the upper trendline of the wedge, with the price hovering around $0.00001280 to $0.00001300 — key resistance levels highlighted by analyst The Crypto Express. The analysis showed lower highs and lower lows forming, encapsulating this bullish reversal setup. "The Shiba Inu price has been forming lower highs and lower lows, creating a falling wedge pattern," noted the analyst.
While the falling wedge suggests potential for breaking out of this price range, the 50-day moving average also serves as significant resistance above current levels. A successful break above the $0.00001300 mark would ideally confirm the bullish trend, but the 200-day exponential moving average (200 EMA) is also identified as another barrier for SHIB to overcome.
Conversely, there’s caution as the price encounters support levels around $0.00001150 to $0.00001160. A failure to maintain this support might lead to downward pressures, invalidATING the bullish setup altogether, pushing prices even lower.
On the upside, another technical pattern has gained attention — the cup-and-handle formation. Analyst CryptooELITES pointed out this pattern on social media, expressing optimism around SHIB’s positioning. "Shiba Inu is now at a favorable buying zone," the analyst stated. This formation is traditionally viewed as bullish continuation, and breaking above the key resistance previously mentioned could see the token target higher price points.
Further discussion highlighted the $0.00003117 mark, aligning with the 0.618 Fibonacci retracement level. A successful breakout beyond this pivotal point could propel SHIB toward even loftier targets, potentially reaching up to $0.00008517. According to subsequent Fibonacci projections, there remains the tantalizing promise of 12X increases, possibly scaling to approximately $0.000183312.
The growing interest surrounding Shiba Inu is reflected not only through technical analytics but also by rising engagement across social media platforms. Recently, SHIB secured its position among the top meme-based cryptocurrencies with its social mentions increasing by 4,110 within just one day. This surge indicates heightened investor interest and marketing potential.
Accompanying this growth is noteworthy data from CryptoQuant, showing Shiba Inu's exchange reserves have dipped to a four-year low of approximately 94.2 trillion tokens. This trend suggests more investors are withdrawing their holdings from exchanges, signaling reduced immediate selling pressure — often viewed as favorable for upward price movement.
SHIB’s recent trends and technical patterns paint an optimistic picture for its price potential. With analysts noting both bullish reversal and continuation patterns taking shape, Shiba Inu could be on the verge of significant movement in the coming weeks. Investors are keeping their eyes peeled on these developing patterns, eagerly anticipating whether SHIB can break through the identified resistance levels and capitalize on its growing social media buzz.