As a seasoned researcher who has navigated through the crypto market’s volatile waters for over a decade, I find myself intrigued by the recent analysis of Shiba Inu’s potential breakout. The symmetrical triangle pattern on the weekly chart and the steady decrease in SHIB supply on exchanges are certainly compelling signs that suggest a bullish trend may be imminent.
The well-known digital currency based on the theme of dogs, SHIB, has lately been moving sideways above the $0.0000123 support level. A crypto expert pointed out this period of stability as the last push before the Shiba Inu‘s price potentially breaks out from the symmetrical triangle pattern in its weekly chart. Could a bull rally be on the horizon?
Analyst Forecasts Shiba Inu Price Breakout to $0.000045 Amid Bullish Pattern
Based on a recent examination by ChartingGuy, the Shiba Inu coin has made a bullish escape from a symmetrical triangle formation visible in the weekly graph. This common chart structure represents a period of consolidation where the price action bounces between two converging trendlines to restore its previous momentum.
The analyst indicated, “MEMES ARE ALL SET,” expressing high excitement about an impending event that could trigger a substantial increase in the estimated price of Shiba Inu. Although the tweet didn’t disclose a specific goal for the potential upswing, a typical breakout from a triangle configuration usually results in a rise towards its maximum point, which is approximately $0.000045 in this scenario.
Yet, the graph shows potential immediate resistance levels at $0.000016 and $0.0000226, as suggested by the Fibonacci retracement lines.
$SHIB
THE MEMES ARE READY
— Charting Guy (@ChartingGuy) September 23, 2024
Check out the article on top meme coins to buy for a detailed analysis.
Shiba Inu Supply Shift to Private Wallets Minimizes Sell-Off Risks
According to Santiment’s data, there’s been an ongoing reduction in SHIB tokens held on exchanges, suggesting that these tokens are being transferred to personal wallets. This trend decreases the quantity of SHIB available for trading, lessening the chances of a mass sell-off and indicating increasing trust from investors in this asset.
Moreover, since April 2024, the supply controlled by leading Shiba Inu (SHIB) wallets has stayed constant at 61.2%. This implies that these significant investors are keeping their investments intact, likely withholding sales in expectation of possible future profits.
SHIB Price Primed for Breakout as Double Bottom Pattern Forms
In simpler terms, when looking at the day-to-day changes in the price of Shiba Inu, it appears that the previous downward trend has now paused and hovered above the $0.0000123 mark. This level seems to be acting as a strong support for the coin’s price, as it has bounced back twice from this point. This pattern suggests the formation of a “double bottom” structure, which can sometimes indicate a potential price increase in the future.
The structure of this chart appears similar to a ‘W’ pattern, often indicating potential market bottom and a chance for buyers to initiate a new breakout. If the predicted pattern continues, the price of Shiba Inu might increase by approximately 11.27% to test the resistance at $0.000016, which is the neckline level.
If the initial resistance level is transformed into a possible supportive level after the breakout, this could fuel a surge that leads to a peak of approximately $0.00002 in the subsequent rally.
Contrarily speaking, if the resistance at 0.000016 holds strong, the Shiba Inu (SHIB) price will likely move back down and continue its present trend of moving sideways.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- VANRY PREDICTION. VANRY cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- USD CLP PREDICTION
- USD PHP PREDICTION
- G PREDICTION. G cryptocurrency
2024-09-23 21:43