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In the past few weeks, the price of Shiba Inu coin has remained steady, but the market trend may be about to change, potentially leading to a surge in prices.
Recent research shows that Shiba Inu coin has the potential to rise by up to 17 times.
Through in-depth technical analysis, Shiba Inu coin is currently in a critical technical formation and has entered a strong buying zone, with a breakthrough imminent.
From a long-term perspective, the price of Shiba Inu coin is trapped within a narrowing symmetrical triangle structure, which usually indicates that a breakout will occur after accumulating energy.
Since reaching an all-time high of $0.00008616 in October 2021, Shiba Inu coin has continued to fluctuate within this formation.
It is worth noting that the support line of the triangle has withstood market tests multiple times, with each test triggering a price rebound, effectively maintaining the solidity of the bullish formation.
At the same time, the downward-sloping resistance trend line continues to lower the rebound highs, causing the triangle formation to gradually narrow.
Currently, Shiba Inu coin has just completed a rebound at the lower trend line of the triangle, and the next step is expected to push towards the triangle's apex.
Technical analysis shows that if Shiba Inu coin breaks through the upper boundary of the symmetrical triangle, it is expected to soar 17 times to $0.00023, a prediction consistent with classic theory.
In the short term, after stabilizing with support at the downward trend line, it may form a cup-shaped pattern within the large triangle, with the monthly line having turned strong; if the upward trend continues, it will end a five-day decline and achieve its first rise in April.
The current quote for Shiba Inu coin is $0.00001381, down 5.5% in the last 24 hours, but up 11.5% compared to the opening in April.
Whether the subsequent market can help it break through the key trend line and reach the target price will become the focus of attention.
