Shiba inus price action have been mostly silent In recent weeks, but this can soon change with an explosive move. A new analysis of Cryptoelltes on the social media platform X pointed to a massive 17X movement for the Shiba Inu price.
The analyst shared a chart that highlights how Shiba Inu is currently located within a powerful technical pattern, which shows that Cryptocurrency is in a strong purchase zone and on the verge of a significant breakout.
Shiba Inu locked in prolonged haussey structure, aimed at 0.00023 $
According to The diagram published By Cryptoeltes, Shiba Inu is traded within a constriction of symmetrical triangle, a pattern often associated with explosive outbursts When the price measures are sufficiently compressed. This chart formation encapsulates Shiba Inu’s price measure of a time frame in several years, from when it reached its current highest time of $ 0.00008616 in October 2021.
Notably, the diagram identifies several successful tests of the triangle’s line of support, each characterized by price reversal that helped to maintain the structure’s hausse integrity. These returns have been accompanied by lower altitudes over the years at a downward sloping resistance trend line, leading to the formation of a constricting triangle.
The latest Move was a bounce On the lower trend line of the triangle, and the next expected movement is a pressure against the top of the triangle.
The technical setting described in the analysis indicates that if the Shiba Inu can break over the upper limit of the triangle, a 17X increase against the price level of $ 0.00023 may follow. Although the predicted feature looks too hausse, it is adapts to default principles of technical analysis regarding breakout from symmetrical triangles.
Photo From X: Cryptoelles
Shib’s current price action points to growing speed
Shiba InU’s price has shown early signs of strength after bouncing from the lower trend line again, showing the resistance to buy pressure around this level of support. The pattern on the diagram suggests that SHIB can form a cup within the larger triangle, which contributes to the haus -like prospect if a breakout occurs.
By building on this positive momentum, Shiba InU’s latest price movements have leaned the monthly diagram in a raised posture and set the scene for what could be a significant technical milestone. If the upward track holds, Shiba Inu is about to register its first positive monthly ending in April after five months in a row of negative closures.
At the time of writing, Shiba Inu is traded at $ 0.00001381, with 5.5% over the past 24 hours. Despite the short-term downward, the MEME coin is still increased by about 11.5% from its opening price in April.
The question Now is whether The wider crypto market will provide the speed needed to trigger such a Shiba Inu price rally that breaks over the symmetrical trend line and sends it to $ 0.00023.
Image from Unsplash, charts from TradingView
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