The two-month recovery in Shiba Inu price has shaped into a bearish setup pattern called a rising wedge. The pattern is characterized by two converging trendlines which provide a temporary halt in an established downtrend. Under the influence of this pattern, the SHIB price is at risk of major correction which could lead to prices below $0.000008.
Within the last two months, the Shiba Inu price has rebounded twice from the pattern’s upper trendline and thrice from the lower trendline, indicating it has a significant influence on market participants. With each bounced back from the trendlines, the range between the wedge pattern gets narrow indicating the prices will eventually give a breakout opportunity.
With a higher possibility, the SHIB price is likely to break the lower trendline as a signal for downtrend continuation. The post-breakdown rally would tumble the meme coin 12% and reach the $0.000007 psychological level.