SHIB Price to Hit $0.00001? Triangle Pattern Points to Major Breakout
For the past two weeks, the Shiba Inu price has been trading sideways reflecting indecisive sentiment around the crypto space. However, the daily chart indicates this consolidation is confined within two converging trendlines indicating the formation of a symmetrical triangle pattern. With the coin price actively rebounding from the pattern’s converging trendline this setup should have a significant impact on near future trends.
Also Read: Memecoins Like Pepe Coin, DOGE, And Shiba Inu Outpace Stablecoins In Gas Fees
Shiba Inu Daily Chart: Key Points
- Overhead supply could prolong the sideways action in the SHIB price
- SHIB price edging close to the triangle peak hints that a breakout opportunity is near, suggesting a directional move ahead
- The intraday trading volume of the Shiba Inu coin is $175.8 Million, showing a 14% gain.
Source- Tradingview
On August 29th, the crypto market witnessed a significant inflow in response to a sudden pump in Bitcoin price. As a result, this Dog-themed memecoin surged 2.8% and tried to break off its long-coming consolidation.
However, the buyers faced supply pressure near $0.00000845 and plunged back into the triangle pattern. Despite a push from the broader market and increasing volume, the SHIB price failure to surge higher reflects that buyers would need even higher momentum to escape the consolidation trend.
By the press time, the memecoin trades at $0.00000813, and with an intraday loss of 2.7% the price trend prolongs sideways. The potential traders must for this triangle breakout before entering a position in the market.
Can SHIB Price to Regain $0.00001?
While the triangle pattern supper trend continues, the Shib sellers have a higher possibility to break the lower trendline. A 4-hour candle closing below the support trendline will accelerate the selling pressure and push the price back to $0.000007 psychological support.
On a contrary note, an upside breakout from a triangle pattern could assist a price rally above the $0.0000088 barrier to hit $0.0000113.
- Bollinger Band: The lower boundary of the Bollinger Band indicator flattening at $0.000007 could offer additional support to coin buyers.
- Relative Strength Index: The daily RSI slope below the 50% midline indicates the bearish momentum in active.
- XRP to $9? Analysts Tip ‘XRP Is a Buy’ as Price Targets 200% Surge
- CZ Endorses Hyperliquid Rival Aster DEX, Token Rallies 1,500%
- Tom Lee’s BitMine Adds $84M in ETH as Expert Predicts Ethereum Rally to $5K
- Grayscale’s Crypto Index Fund Sees ‘Solid Start’ as SOL, XRP Institutional Demand Climbs
- Senate Democrats Urge Republicans for ‘True Collaboration’ to Quickly Pass CLARITY Act
- PUMP Price Forecast: Whale Buys 1B Tokens as Bullish Pennant Signals 65% Breakout
- Bitcoin Price Prediction: Analyst Highlights Breakout Patterns as Coinbase CEO Backs Crypto Structure Bill
- Dogecoin Price Prediction: Grayscale ETF Move Aligns With Cycle Breakout
- Chainlink Price Prediction: Whales Scoop 2M LINK as Analysts Eye 184% Breakout Rally
- Shiba Inu (SHIB) Price Prediction: Massive SHIB Burn and 80-Week Cycle Mirroring Past Rallies: Will History Repeat?
- Cardano Price Stays Above Ichimoku Cloud as Grayscale ADA ETF Approval Nears
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal 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.
