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With the increasing FUD in the crypto market, the Shiba Inu coin has been traveling in a sideways trend for the past three weeks. The cluster of candles in this consolidation suggests uncertainty among market participants and an unclear trend. However, in the daily time chart this sideways trend has shaped into a symmetrical triangle pattern; Here’s how this pattern can offer an entry opportunity to traders.
Key Points:
- The area between the converging trendline of the symmetrical triangle pattern can be considered a no-trading zone.
- A potential breakout from overhead resistance will signal the end of the ongoing correction phase
- The intraday trading volume of the Shiba Inu coin is $202.2 Million, indicating a 2.7% loss.
Source- Tradingview
A symmetrical triangle pattern occurs when the price of an asset forms a series of higher lows and lower highs, creating a triangle shape on a price chart. In theory, the symmetrical triangle pattern is a continuation pattern, which means that it typically signals a pause in the current trend before the asset continues moving in the same direction as before.
Therefore, the SHIB price currently holds a higher possibility to resume the prevailing downfall upon the breakdown of the lower support trendline. A potential breakdown below the trendline will tumble the memecoin 10% to hit $0.0000096.
Anyhow, this pattern’s ultimate decision unveils after the breakout action, which can happen from either of the trendlines.
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Thus, an upside breakout from this pattern is less likely but still possible. A daily candle closing above the overhead trendline will release the build of buying pressure and drive the prices 10% up to hit the $0.00001175
Technical indicator
Relative strength index (RSI) – Contrary to the falling price action, the daily-RSI slope moving higher suggests an increase in the underlying bullish momentum, which in turn raises the likelihood of a breakout above the resistance trendline.
EMAs: the daily EMAs(20, 50, 100, and 200) accumulated moving above the SHIB price indicates the buyers could face multiple hurdles on their way up
Shiba Inu Coin Price Intraday Levels
- Spot rate: $0.00001067
- Trend: Bullish
- Volatility: High
- Resistance levels- $0.0000117 and $0.000013
- Support levels: $0.0000098 and $0.0000079
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