As a seasoned analyst with over two decades of experience in the cryptocurrency market, I find myself intrigued by Shiba Inu (SHIB) at this juncture. The symmetrical triangle consolidation pattern it has formed since early October suggests a potential breakout is imminent, and if history repeats itself, we could be looking at a 108% gain to $0.00003620.
After experiencing a 67% increase from September 18 to September 27, the Shiba Inu price has stabilized within a symmetrical triangle pattern. This triangle, characterized by alternating lower highs and lower lows, is likely to break in the direction of the previous trend. If this occurs, the Shiba Inu price could potentially rise by an additional 108% to reach approximately $0.00003620.
On-chain and Futures Metrics Signal Shiba Inu Price
According to IntoTheBlock (ITB), the Market Value to Realized Value Ratio (MVRV) climbed from 0.89 to 0.96 over the period of October 11th to 12th, even though the price remained unchanged. This trend implies that investors are retaining their assets rather than selling them, causing an uptick in market value relative to the realized value.
This ratio may suggest higher investor confidence and a prediction that the asset will grow in value over time, regardless of current price fluctuations. Moreover, it appears that there was a significant surge of large transactions involving SHIB, with transaction volume jumping by $66 million from October 11th to the 12th, representing a notable increase of approximately 46.79%.
Over a seven-day period, the Coinglass Spot netflow indicates consistent outgoings for SHIB. This pattern might indicate larger investors stockpiling SHIB tokens, potentially boosting the Shiba Inu’s price, which could be seen as a positive sign.
As a researcher, I find that over the past 24 hours, the price of SHIB has seen an uptick by approximately 0.8%, currently standing at $0.000077. From my technical analysis, there seems to be a promising outlook for the price to potentially soar as high as $0.000032 in the near future.
SHIB Price Analysis: Bulls Lock Eyes on 108% Gains
On the Shiba Inu daily graph, there’s a sign of a strong breakout after a symmetrical triangle structure formed. This meme currency has been confined to this triangle since early October, suggesting that a significant breakout might occur in the near future.
As I analyze the current state of the Shiba Inu market, I find that its price is approaching the peak of a triangle formation. If it manages to surpass the resistance trendline, this breakout could potentially spark a substantial upward momentum.
The Fibonacci Retracement, drawn from the previous high to low, indicates that SHIB is generally positioned near the 50% retracement point. If SHIB surpasses $0.00001872 (equivalent to a 108% price extension), it would suggest strong bullish sentiments. Important levels to keep an eye on when considering investments in Shiba Inu include:
- The 23.6% retracement (near the triangle resistance). Which aligns with $0.0000205
- 38.2% retracement around $0.0000220.
- Target Extension (161.8%): $0.0000340.
SHIB has an immediate support of around $0.000016, equivalent to the 61.8% Fibonacci level.
Currently, the candlesticks are rather small and uncertain, suggesting a period of consolidation. Yet, such small movements frequently signal upcoming major shifts, particularly when they occur within triangle formations.
If Shiba Inu’s price trend doesn’t surge beyond its current symmetrical triangle pattern, there’s a possibility it could dip towards approximately $0.000016 in the near future. This potential drop aligns with Fibonacci extensions and historical resistance levels from mid-August. The cryptocurrency market’s fluctuations have investors closely monitoring the developments within this symmetrical triangle, making the current timeframe crucial for those considering investment in Shiba Inu.
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2024-10-14 09:06