SHIB Price Analysis: “Falling Wedge” Breakout Puts the 146% Rally in Focus

Key Points

1. Analyst Rich X Cult identifies $0.00001242 as a prime entry point for SHIB, with a short-term target zone between $0.00001471 and $0.00001600.

2. SHIB's breakout is supported by a 4-hour Relative Strength Index (RSI) reading of 83.57, indicating strong buying pressure, and trading volume of approximately $340 million in the past day.

3. Key support level is at $0.00001242, with a break below potentially leading to downside risks, while a break above the resistance zone could open the door to further upside.

4. Analyst Javon Marks projects a potential surge of over 156% from the divergence point, targeting $0.000032, based on a confirmed bullish divergence on SHIB’s two-day chart.

5. The initial rally began after SHIB rebounded from lows near $0.00001120 on August 3, breaking through the falling wedge formation, with the price now above the 50-period moving average.