Shiba inu price action He was mostly serene Over the past few weeks, but this may soon change with an explosive movement. A recent analysis of Kryptoelltes on the social media platform X pointed to a huge 17x move at the price of Shiba Inu.
The analyst made available a chart emphasizing how Shiba Inu is currently set in a powerful technical pattern, showing that the cryptocurrency is in a sturdy purchase zone and on the edge of a significant breakthrough.
Shiba inu enclosed in a long -term stubborn structure, it aims at USD 0.00023
According to Published table By Cryptoelltes, Shiba Inu trades in a narrowing symmetrical triangle, often a pattern Related to explosives When the price is compressed enough. This chart formation contains the SHIBY INU price campaign on a long -term time frame, starting from the moment when it reached its current highest level of USD 0.00008616 in October 2021.
In particular, the chart identifies many successful tests of the triangle support line, each marked with price collections that helped maintain the stubborn integrity of the structure. These collections are accompanied by lower ups over the years on the downward resistance line, which leads to the formation of a narrow triangle.
Latest Movement was a reflection On the bottom line of the triangle trend, and the next expected movement is a push towards the top of the triangle.
The technical configuration presented in the analysis suggests that if Shiba Inu may go above the upper limit of the triangle, there may be a 17 -fold boost in the price level of 0.00023 USD. Although the expected movement looks too stubborn, it equals the standard rules technical analysis regarding a breakthrough from symmetrical triangles.
Picture From X: Cryptoelltes
The current SHIB price price indicates a growing rush
The price of Shiba Inu showed early signs of strength after re -detachment from the lower trend line, showing resistance to the purchase of pressure around this level of support. The pattern on the chart suggests that Shiba can form a cup in a larger triangle, which adds stubborn perspectives if an explosion occurs.
Based on this positive momentum, the last moves of Shiba Inu price tipped the monthly table into a stubborn attitude, preparing a scene for a significant technical milestone. If the trajectory is up, Shiba Inu is on the course to register its first positive monthly closure in April after five consecutive months of negative closures.
At the time of writing, Shiba Inu sales 0.00001381 USD, which is 5.5% in the last 24 hours. However, despite the compact -term withdrawal, the meme coin is still increasing by about 11.5% compared to the opening price in April.
Question Now it is whether The wider cryptocurrency market will ensure the impetus needed to launch such a Shiba price rally, which will break above the symmetrical trend line and sends it to USD 0.00023.
A distinguished picture from Unsplash, TradingView chart
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