- Shiba Inu SHIB holds falling wedge breakout with bullish structure intact
- Whale selling of $660M has been absorbed by market demand
- Key levels remain $0.0000060 support and $0.00000646 EMA resistance
Shiba Inu (SHIB) is holding a key breakout structure as a falling wedge pattern continues to play out on the chart. Despite whale selling worth millions, buyers are still absorbing the supply. The setup remains active, and traders are watching whether SHIB can extend momentum toward higher technical targets in the coming sessions.
Shiba Inu SHIB Falling Wedge Breakout Remains Active
Shiba Inu (SHIB) is maintaining a falling wedge breakout structure on the TradingView chart shared by Javon Marks. The pattern remains intact after a strong breakout move. SHIB is up 0.61% in 24 hours, trading near $0.00000630. The price continues to hold above key short-term support levels.
The falling wedge pattern is widely seen as a bullish reversal formation. A similar setup previously led to a rally of more than 440%. This historical comparison is driving attention toward the current structure.
SHIB is also consolidating between $0.0000060 and $0.0000063. This range is acting as short-term support.
Shiba Inu Whale Selling Meets Strong Market Demand
On-chain data shows a large SHIB holder has resumed selling activity. The wallet has offloaded 800 billion tokens worth about $4.9 million. Total realized profits now exceed $660 million. Despite this, the wallet still holds a large balance.
This selling activity has not disrupted price stability. Demand has absorbed supply, keeping SHIB within its current range. Buyers continue to step in during dips, supporting the structure.
The next key level is the 100-day EMA near $0.00000646. A break above this level could open a move toward the 200-day EMA at $0.00000766. However, losing $0.0000060 support may lead to a retest of $0.0000058.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
