Shiba Inu price action Mostly quiet But this may change with explosive moves over the past few weeks. Cryptoelltes’ latest analysis on social media platform X shows that Shiba INU’s price is 17 times shifted.
The analyst shared a chart highlighting how Shiba INU currently positioned it in a powerful technology model, which shows that cryptocurrencies are on the strong buying zone and on the brink of a major breakthrough.
Shiba Inu locks in long-term bullish structure with targeting $0.00023
according to Chart released Through cryptocurrency, Shiba Inu trades in a narrow symmetric triangle, a pattern that is usually Related to explosive breakthroughs Once the price action is sufficiently compressed. The chart formation packages Shiba INU’s price action over a multi-year term, from its current highest selling price of 0.00008616 in October 2021.
It is worth noting that the chart identifies multiple successful tests of the triangle support line, each marked with a price rebound, helping to maintain bullish integrity of the structure. These rebounds have been accompanied by lower highs for years, on the sloping resistance trend line, resulting in a narrow formation of the triangle.
up to date The action is a jump On the lower trend line of the triangle, the next expected move is to push towards the vertices of the triangle.
The technical settings outlined in the analysis show that if the Shiba INU can go beyond the upper boundary of the triangle, there may be a 17x speed toward the price level of $0.00023. Although the forecasting move looks too bullish, Keep in line with standard principles Technical analysis on breakthroughs in symmetric triangles.
image From X: Cryptocurrency
Shib’s current price action points to growth momentum
After the Shiba Inu price bounced out of the lower trend line again, it has shown early signs of strength, indicating that the elasticity of buying pressure surrounds this support level. The pattern on the chart shows that wipes may form cups within larger triangles, which increases bullish outlook if a breakout occurs.
Building on this positive momentum, Shiba Inu’s recent price movements have tilted the monthly chart to a bullish stance, laying the foundation for what could be a significant technological milestone. If the upward trajectory remains, its first positive monthly closure will be registered in April after five consecutive months of negative closures.
At the time of writing, Shiba Inu is trading at $0.00001381, down 5.5% over the past 24 hours. However, despite the short-term decline, the meme coin still rose by about 11.5% from its opening price in April.
question Is it now The wider cryptocurrency market will provide the momentum needed to trigger such a Shiba INU price rally, which breaks past the symmetric trend line and sends it to $0.00023.
Featured images from Unsplash, charts for TradingView
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