Shiba Inu (SHIB) is anticipating a price explosion as a symmetrical triangle pattern forms
The Shiba Inu (SHIB) coin is currently moving within a symmetrical triangle pattern on the four-hour time frame, which is a technical pattern that usually indicates an impending decisive price movement. The price is currently ranging between support at $0.00001430 and resistance at $0.00001474, reflecting a state of anticipation in the market.
Notably, over 34.1 trillion SHIB tokens have been withdrawn from exchanges recently, a move seen as an indicator of long-term holding intentions by major investors. This coincides with an increase in the token burn rate of over 1400%, contributing to a reduction in supply and increased scarcity.
If the price manages to break through the current resistance, the next target would be at the level of $0.000017, representing an increase estimated at about 17% from current levels. However, if the support is broken, the price could decline below the level of $0.00001340, signaling a potential bearish wave.
Although technical indicators lean towards the positive side, confirmation of the upward trend will depend on how the price interacts with the boundaries of the pattern in the coming days.
$SHIB
SHIB
0.00001427
+1.85%
