In recent weeks, Shiba Inu’s price has been relatively stable, but that might be about to change in a big way.
According to a recent analysis shared by CryptoELlTES on the social platform X, the cryptocurrency could be gearing up for a major price surge.
The analyst highlights a potential 17X move for Shiba Inu, making this a time to watch the coin closely.
Shiba Inu Positioned for a Breakout: What the Chart Shows
Looking at the technical setup, Shiba Inu is currently forming a narrowing symmetrical triangle, a chart pattern that often signals a significant breakout when the price action becomes compressed enough.
This pattern spans several years, beginning after Shiba Inu reached its all-time high of $0.00008616 in October 2021.
The chart reveals that Shiba Inu has repeatedly tested the triangle’s support line, each time bouncing back, which helps maintain the structure’s bullish momentum.
Over time, Shiba Inu has also experienced lower highs along a downward-sloping resistance trendline, tightening the triangle even further.
The most recent price movement saw a bounce off the lower trendline, and analysts are now watching closely for a potential push toward the apex of the triangle, which could lead to a breakout.
Could a 17X Surge Be on the Horizon?
If Shiba Inu manages to break above the upper boundary of the triangle, the analysis suggests that the cryptocurrency could soar by 17 times, reaching a target price of $0.00023.
While such a prediction might seem overly optimistic, it aligns with standard technical analysis principles when it comes to breakouts from symmetrical triangles.
Momentum Building for Shiba Inu
Shiba Inu’s price action has already shown early signs of strength.
After bouncing off the lower trendline once again, the coin appears to be gaining buying momentum.
One interesting observation is the potential formation of a cup within the larger triangle, which could add to the bullish outlook if the price continues to rise.
With a current market cap of $8.14 billion, Shiba Inu is poised for potential growth, especially as its price movements have tilted the monthly chart toward a more bullish stance.
This sets the stage for what could be a significant turning point for the meme coin.
April’s Close Could Mark a Major Milestone for SHIB
Looking at the bigger picture, Shiba Inu could be on track for its first positive monthly close in April after five consecutive months of negative closes.
As of now, the coin is trading at $0.00001381, which is a 5.5% decrease in the past 24 hours.
However, the coin has still managed to gain approximately 11.5% from its opening price in April.
With the broader cryptocurrency market showing signs of growth, the next few weeks could prove crucial in determining whether Shiba Inu is poised for a breakout above its trendline, potentially sending it to the $0.00023 price target.
Looking Ahead: Will Shiba Inu’s Momentum Continue?
As always with cryptocurrency, the key question is whether the broader market will support the momentum needed to push Shiba Inu past the key resistance levels.
If it does, we could be witnessing a significant price rally in the near future.
In conclusion, Shiba Inu has shown resilience and technical signs of an impending breakout.
While it remains to be seen if it will break the upper trendline and reach $0.00023, the outlook is becoming increasingly bullish as buying pressure continues to build.
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