Shiba Inu (SHIB) price has formed a bullish formation inside the long-term support zone. If this gets approval, the rally will take place. SHIB price has been moving within a descending wedge since Nov. The price bounced from the bottom of the wedge 2 times on December 16 and 28. Then the uptrend started.
With this jump, positive dissonance emerged in the RSI. Also, the indicator climbed above 50. On January 10, SHIB debuted from a descending wedge. So far, it has hit 0.00000968 dollar, the highest. If the upside continues, the nearest resistance area is located at 0.0000106 dollar, which is the 0.382 Fib retracement.
On the other hand, a drop below the high line of the wedge will indicate that the exit is not legitimate and new lows are coming. Similar to the daily chart, the weekly chart also presents a positive outlook.