- SHIB price remains in the green for the second straight session on Sunday.
- Focus on Sunday’s close to confirm a falling wedge breakout on the 1D chart.
- SHIB bulls await acceptance above 21-DMA to unleash further upside towards 50-DMA.
Amid an upbeat momentum seen across the crypto board, Shiba Inu is taking inspiration on Sunday, as it looks to extend Saturday’s upswing from near the $0.00000590 support area.
The recent rally in the so-called ‘Dogecoin Killer’ was fuelled by eToro’s, leading investment platform, the listing of Shiba Inu in response to rising demand from traders.
Meanwhile, encouraging developments around the adoption of cryptocurrencies and institutional demand bodes well for SHIB price.
SHIB price gearing up for a fresh upswing?
As observed on the daily chart, the Shib price has taken out the falling trendline resistance at $0.00000635, although a daily closing above that level is awaited to confirm a three-week-old falling wedge breakout.
Even after an upside break of the wedge is validated, the SHIB bulls will need to find a strong foothold above the descending 21-Daily Moving Average (DMA) at $0.00000657.
The next bullish target for SHIB price is aligned at the 50-DMA at $0.00000736.
SHIB/USDT: Daily chart
Despite the ongoing uptrend, SHIB bulls remain cautious, as the 14-day Relative Strength Index (RSI) still holds below the 50.00 threshold.
If the falling wedge breakout doesn’t materialize, then SHIB sellers could fight back control, knocking off the rates back towards the $0.00000590 range lows (dashed horizontal trendline).
The falling trendline support at $0.00000459 could be brought into play should the downside pressure gains momentum.
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