In recent weeks, Shiba Inu's price movements have been relatively calm, but this may change soon with a potential explosive increase. An analysis recently conducted by CryptoELITES on the social media platform X shows that Shiba Inu's price has surged 17 times.
Analysts shared a chart highlighting Shiba Inu's current position within a strong technical pattern, indicating that the cryptocurrency is in a robust buying zone and is poised for a significant breakout.
Shiba Inu locks in a long-term bullish structure, targeting a price of $0.00023
According to a chart released by CryptoELITES, Shiba Inu's price is trading within a narrowing symmetrical triangle, a formation typically associated with explosive breakouts following a certain level of price compression. The chart outlines Shiba Inu's price trend over several years, since reaching its current historical high of $0.00008616 in October 2021.
Notably, the chart shows that the triangle support line has been successfully tested multiple times, each time marked by a price rebound, which helps maintain the bullish integrity of the structure. Over the years, these rebounds have been accompanied by lower highs of a downward-sloping resistance trend line, ultimately forming a narrowing triangle.
The latest trend shows a rebound from the lower trend line of the triangle, with the next expected movement pushing towards the triangle's apex.
The technical setup outlined in the analysis suggests that if Shiba Inu can break through the upper boundary of the triangle, a 17-fold increase may occur, ultimately aiming for a price of $0.00023. While the predicted trend appears overly optimistic, it aligns with the standard principles of technical analysis regarding the breakout of symmetrical triangles.
SHIB's current price trend indicates growth momentum
After rebounding again from the downward trend line, Shiba Inu's stock price has shown initial signs of strengthening, indicating resilient buying pressure near this support level. The pattern on the chart suggests that SHIB may be forming a cup shape within a larger triangle, and a breakout would enhance the bullish outlook.
Based on this positive momentum, Shiba Inu's recent price movements have created a bullish outlook on the monthly chart, laying the groundwork for a significant technical milestone. If this upward trend continues, Shiba Inu is poised to record its first monthly closing increase in April, following five consecutive months of closing declines.
As of the time of writing, Shiba Inu's trading price is $0.00001381, down 5.5% in the last 24 hours. However, despite the short-term pullback, this meme coin is still up about 11.5% from its opening price in April.
The question now is whether the broader cryptocurrency market will provide the momentum needed to trigger a rise in Shiba Inu's price, breaking through the symmetrical trend line and pushing it up to $0.00023.