Shiba Inu Price Set To Go Parabolic As 4 Rare Patterns Forms

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As a seasoned analyst with over two decades of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. However, the current technical setup for Shiba Inu (SHIB) is reminiscent of some of the most explosive growth periods I’ve witnessed.

This week, the prices of Shiba Inu and other meme coins have shown some instability, with their recent upward trend slowing down and Bitcoin‘s inability to surpass the $100,000 barrier. However, technical indicators hint that the Shiba Inu coin might soon experience a dramatic increase following the formation of four bullish patterns.

Shiba Inu Price Analysis: Technicals Hint Parabolic Breakout Rally

Each day’s graph demonstrates that the Shiba Inu price has fashioned various infrequent patterns suggesting potential increases in the upcoming days. Initially, the coin constructed a falling wedge formation from March to September. This pattern consists of two declining trendlines and lines that are converging. The upper line links the higher lows, while the lower one connects the lower lows.

As a crypto investor, I’ve noticed an intriguing development with Shiba Inu. It appears to be forming a bullish pennant pattern, depicted in green on my charts. This pattern is characterized by a long vertical line and a symmetrical triangle shape. When this triangle nears its confluence level, a bullish breakout typically occurs, which could potentially signal a positive price movement for Shiba Inu.

Thirdly, the currency’s movement follows an Elliot impulse wave structure, comprising five distinct phases. Initially, it exhibits a bullish trend, then experiences a brief correction, and subsequently, the longest phase ensues. Currently, we find ourselves in the fourth phase of this wave, which may lead to the fifth and typically very bullish phase.

Additionally, what stands out is that it has developed a “rounded-bottom and consolidation/pullback” Cup and Handle chart pattern. This pattern typically signifies a potential for a powerful breakout once the handle part concludes, which could lead to significant price movement.

If the Shiba Inu coin manages to break through its current resistance level (the upper side of the cup), there’s a good chance it could experience a dramatic rise, or “parabolic growth”. By examining the depth of this potential breakout, we can estimate that the predicted price for Shiba Inu might reach approximately $0.00004580, slightly surpassing its highest point so far this year.

Instead, if the Shib price falls below its peak support at $0.00002150 (reached on September 27), it challenges the bullish outlook for Shib. If this downward trend persists, it could potentially lead to Shib prices dropping further towards the August 24 high of $0.000016.

SHIB Coin Has Strong Fundamentals

Shiba Inu’s robust foundations might lead to an increase in the upcoming days. Since November 10, its future contracts interest has remained relatively stable. This stability may signal a lull before a potential surge in the short term.

Each day, millions of Shiba Inu tokens are being destroyed as a result of the growing number of transactions within its ecosystems such as Shibarium and ShibaSwap. The BONE fees accrued in these systems get converted into SHIB tokens, which are then eliminated.

In the United States, there’s been a clear regulatory environment since Donald Trump will be assuming the presidency. This week, Tornado Cash managed to secure a significant legal triumph. The ruling by the judges stated that Tornado Cash’s smart contract does not belong to a foreign individual.

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2024-11-27 16:11