Shiba Inu has created a symmetrical triangle, suggesting there might be a 17% jump as it prompts consolidation around important support and resistance lines.
The price is trading between $0.00001427 and $0.00001463 with overall momentum indicators at a neutral level.
A breakout is expected shortly and it could push the price to around $0.00001650 or below $0.00001300 based on how it moves.
Shiba Inu (SHIB) is presently consolidating in a symmetrical triangle pattern, which may set up for a possible breakout when volatility tightens. SHIB is currently priced at $0.00001427 as of writing, falling 1.8% within the past 24 hours.
In the presence of a resistant market, the token has been gravitating near its support level of $0.00001427 and resistance of $0.00001463. At the apex of the triangle, the price is approximated to move by about 17% higher or lower.
Triangle Pattern Highlights Market Standoff
The 4-hour view reveals SHIB situated inside a symmetrical triangle, with trend lines joining the different lower highs and higher lows. In this pattern, it often indicates market uncertainty just before a breakout. The support at the horizontal level has stayed strong, but the downtrend is still putting pressure on any recovery moves.
The Fibonacci retracement levels plotted on the chart give some additional perspective on the major technical areas.Market depth is noted around the significant Fibonacci levels of 38.2% and 50%, with support near the 23.6% level at $0.00001427.
https://twitter.com/ali_charts/status/1927620604674310222
This formation suggests that a breakdown above the downtrend line has the possibility of driving SHIB towards the area of $0.00001600 within an extremely short time frame, whereas a breakdown from the support could drive the price towards $0.00001300.
Market Conditions and Outlook
SHIB’s movement in the sideways direction reflects the impact Bitcoin continues to have on many altcoins. Price variations within the triangle hint that a major move is coming up, despite the lower trading activity. Neutral values displayed by RSI back up the market’s lack of a clear direction today.
Due to its position at the top and relatively soft oscillation, there can be a sudden upward movement this week. The bulls, after breaking the resistance near $0.00001463 and escaping the triangle, will tend to make a rapid move towards $0.00001650. If the support at $0.00001427 is lost, then BTC may drop towards the $0.00001350–$0.00001300 range.
