SHIB analysis – the price closes the monthly pattern. What is the likely scenario?

SHIB continues in the corrective structure and creates descending wedge. This wedge will end soon and probably volatility occurs. We see that despite the correction volumes indicate strength on the side of the bulls. Let’s take a look at what the closure of this correction structure might look like and where the support is located.

We see that bull candles are relatively strong in correction despite the fact that at the last price the price climbed above the resistance, but it was a fake break out. The price therefore continues to wedge down. The nearest support zone is at $ 0.00002800 where the previous sideway structure is located.

SHIB / USD 4H. Source: TradingVIew

SHIB closes the triangle

So what might closing a triangle look like? From a theoretical point of view, the triangle should be closed by a growing leg, while The bull target we are tracking is at about $ 0.00005134. However, the achievement of this goal may not occur immediately and the price may close the triangle with a corrective leg and only then achieve this goal.

If bear sentiment persists in the market, there is also the possibility that the price of SHIB will close the triangle by correcting for the mentioned support and then create a new one. bull trend. However, closing the triangle by overcoming resistance is still possible. RSI, meanwhile, modeled the bear trend below 50 points.