Shiba Inu’s price action has been mostly quiet in the past few weeks, but this could be changing soon with an explosive move. A recent analysis by CryptoELlTES on the social media platform X pointed to a massive 17X move for the Shiba Inu price.
The analyst shared a chart highlighting how Shiba Inu is currently positioned within a powerful technical pattern, showing that the cryptocurrency is in a strong buy zone and on the brink of a significant breakout.
Shiba Inu Locked In Long-Term Bullish Structure, Targets $0.00023
According to the chart posted by CryptoELlTES, Shiba Inu is trading within a narrowing symmetrical triangle, a pattern often associated with explosive breakouts once price action compresses enough. This chart formation encapsulates Shiba Inu’s price action on a multi-year timeframe, starting from when it reached its current all-time high of $0.00008616 in October 2021.
Notably, the chart identifies multiple successful tests of the triangle’s support line, each marked by price rebounds that helped sustain the structure’s bullish integrity. These rebounds has been accompanied by lower highs over the years at a downward sloping resistance trendline, leading to the formation of a narrowing triangle.
The latest move was a bounce on the lower trendline of the triangle, and the next anticipated move is a push towards the apex of the triangle.
The technical setup outlined in the analysis suggests that if Shiba Inu can break above the triangle’s upper boundary, a 17X surge toward the $0.00023 price level could follow. Although the predicted move looks too bullish, it aligns with standard principles of technical analysis regarding breakout from symmetrical triangles.
Image From X: CryptoELlTES
SHIB’s Current Price Action Points To Growing Momentum
Shiba Inu’s price has shown early signs of strength after bouncing off the lower trendline once again, showing the resilience of buying pressure around this support level. The pattern on the chart suggests that SHIB may be forming a cup within the larger triangle, which adds to the bullish outlook if a breakout does occur.
Building on this positive momentum, Shiba Inu’s recent price movements have tilted the monthly chart into a bullish stance, setting the stage for what could be a significant technical milestone. If the upward trajectory holds, Shiba Inu is on course to register its first positive monthly close in April after five consecutive months of negative closes.
At the time of writing, Shiba Inu is trading at $0.00001381, down by 5.5% over the past 24 hours. However, despite the short-term pullback, the meme coin is still up by approximately 11.5% from its opening price in April.
The question now is whether the broader crypto market will provide the momentum needed to trigger such a Shiba Inu price rally that breaks above the symmetrical trendline and sends it to $0.00023.
Featured image from Unsplash, chart from TradingView
