Price Analysis

Analyst Predicts Shiba Inu Breakout to $0.000045 from Symmetrical Triangle Pattern

Shiba Inu is poised for a breakout as symmetrical triangle and double bottom patterns signal potential rally to $0.000045
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Analyst Predicts Shiba Inu Breakout to $0.000045 from Symmetrical Triangle Pattern

Highlights

  • The Shiba Inu price breakout from a 7-month-long triangle pattern signals a major trend reversal.
  • A double bottom chart pattern indicates the SHIB price is 11.27% away from a critical resistance breakout.
  • The $0.0000123 stands as a major bottom support for buyers to recuperate the bullish momentum.

SHIB, the popular dog-themed meme coin, has recently adopted a sideways trend above the $0.0000123 support. A crypto analyst highlighted this consolidation as the final squeeze before the Shiba Inu price, which provided a deceive breakout from the symmetrical triangle pattern in the weekly chart. Is the bull run imminent?

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Analyst Forecasts Shiba Inu Price Breakout to $0.000045 Amid Bullish Pattern

According to a recent analysis by ChartingGuy, the Shiba Inu coin gave a bullish breakout from the symmetrical triangle pattern in the weekly chart. Typically, the chart pattern shows a consolidation phase resonating within two converging trendlines to recuperate its prevailing momentum.

The analyst signaled, “THE MEMES ARE READY,” suggesting high anticipation for a breakout that could ignite a significant surge in Shiba Inu price prediction. While the tweet didn’t mention a specific target for the potential rally, a typical breakout from a triangle pattern often leads to an upswing toward its highest peak, which in this case is around $0.000045.

However, the chart highlights immediate overhead resistance at $0.000016 and $0.0000226, as indicated by the Fibonacci retracement levels.

Check out the article on top meme coins to buy for a detailed analysis.

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Shiba Inu Supply Shift to Private Wallets Minimizes Sell-Off Risks

The Santiment data reveals a steady decrease in SHIB supply on exchanges, signaling that tokens are being moved into private wallets. This shift reduces the available supply for trading, minimizing sell-off risks and reflecting growing investor confidence in the asset.

Additionally, the supply held by top SHIB addresses has remained steady at 61.2% since April 2024. This suggests that large holders maintain their positions, avoiding selling in anticipation of potential future gains.

Santiment
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SHIB Price Primed for Breakout as Double Bottom Pattern Forms

The Shiba Inu price prediction in the daily chart shows the prior correction trend has shifted sideways above the $0.0000123 horizontal level. The coin price rebound twice from this support indicates the formation of a double bottom pattern.

This chart setup resembles a ‘W’ shape, which usually signals bottom formation, offering buyers a fresh breakout opportunity. If the chart pattern holds, the Shiba price could rise 11.27% to challenge the neckline resistance at $0.000016,

If the buyers flip the overhead resistance into potential support, the post-breakout rally drives a rally to a $0.00002 high.

SHIB/USD -1d Chart

On the contrary note, if the resistance at $0.000016 stands firm, the SHIB price reverts lower and continues its current sideways action.

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Frequently Asked Questions

How does the symmetrical triangle pattern influence Shiba Inu’s price forecast?

The symmetrical triangle pattern indicates a consolidation phase, which typically results in a breakout. For SHIB, this breakout could lead to a surge toward $0.000045

How does decreasing SHIB supply on exchanges impact price movement?

The steady decrease in SHIB supply on exchanges reduces sell-off risks, signaling increased investor confidence as tokens move into private wallets.

What is the projected resistance for Shiba Inu's price breakout?

The Shiba Inu price faces immediate resistance at $0.000016 and $0.0000226, as indicated by Fibonacci retracement levels
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Sahil Mahadik

Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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