Shiba Inu’s price action has been mostly quiet in the past few weeks, but this could be changing soon with an explosive move. A recent analysis by CryptoELlTES on the social media platform X pointed to a massive 17X move for the Shiba Inu price.
The analyst shared a chart highlighting how Shiba Inu is currently positioned within a powerful technical pattern, showing that the cryptocurrency is in a strong buy zone and on the brink of a significant breakout.
CryptoELlTES, Shiba Inu is trading within a narrowing symmetrical triangle, a pattern often associated with explosive breakouts once price action compresses enough. This chart formation encapsulates Shiba Inu’s price action on a multi-year timeframe, starting from when it reached its current all-time high of $0.00008616 in October 2021.
Notably, the chart identifies multiple successful tests of the triangle’s support line, each marked by price rebounds that helped sustain the structure’s bullish integrity. These rebounds has been accompanied by lower highs over the years at a downward sloping resistance trendline, leading to the formation of a narrowing triangle.
The latest move was a bounce on the lower trendline of the triangle, and the next anticipated move is a push towards the apex of the triangle.
The technical setup outlined in the analysis suggests that if Shiba Inu can break above the triangle’s upper boundary, a 17X surge toward the $0.00023 price level could follow. Although the predicted move looks too bullish, it aligns with standard principles of technical analysis regarding breakout from symmetrical triangles.
