SHIB trades within a symmetrical triangle, targeting a breakout move toward $0.00023.
Whale holdings rise to 109.69B SHIB as exchange supply drops to 277.37T, signaling confidence.
SHIB volume compresses near $0.000013 with price action tightening, indicating potential volatility ahead.
Shiba Inu (SHIB) is currently trading at $0.00001307, with analysts suggesting a major breakout may be developing. The token remains inside a symmetrical triangle pattern and is approaching a potential move toward $0.00023, a projected 17x gain from current levels.
Chart Structure Signals Continuation Pattern
According to analysis prepared by Crypto Elites, SHIB is trading within a symmetrical triangle defined by lower highs and higher lows. The price recently touched the lower trendline of this pattern, suggesting ongoing consolidation before a breakout. Multiple touchpoints on both support and resistance lines confirm the structure's validity.
https://twitter.com/CryptooELITES/status/1950565798600183980
The current price of SHIB stands near $0.000013, slightly above the lower boundary of the triangle. Crypto Elites set a target of $0.00023, which would represent a 17x move from the recent low. Volume has compressed, and price action remains tight, which are typical characteristics seen before volatility increases.
Butterfly_Chart noted that SHIB is “testing the broken descending triangle pattern as new support,” and that “structure looks solid.” A confirmed bounce from this support could validate the larger breakout scenario.
Whale Accumulation and Reduced Exchange Supply Support Bullish Setup
On-chain data shows that whales have continued to increase their SHIB holdings in recent weeks. According to Nansen, over 109.69 billion SHIB tokens are now held by major wallets, up from 105 billion earlier this month.
Exchange balances have declined as more SHIB is moved to self-custody. The current number of tokens on exchanges has dropped to 277.37 trillion, down from 283 trillion. This trend often reflects investor confidence and expectations for a price recovery.
According to CoinMarketCap, SHIB’s market cap stands at $7.54 billion, with a 24-hour trading volume of $224.16 million. Despite minor price fluctuations, the overall structure remains consistent, suggesting market participants are positioning for a potential breakout aligned with the 17x projection.
The post SHIB Analysts Eye $0.00023 as Symmetrical Triangle Builds Toward 17x Target appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.
