A symmetrical triangle has caught the attention of multiple market analysts as they anticipate a significant surge for Shiba Inu following a breakout. This pattern, formed by converging trendlines, signifies a period of consolidation where the price fluctuates between higher lows and lower highs. As the pattern approaches its apex, it usually indicates a potential breakout in either an upward or downward direction.
The Shiba Inu symmetrical triangle on the daily chart began forming on March 5, reaching its yearly peak of $0.00004567. This peak resulted from a nine-day uptrend that saw Shiba Inu gain over 380%. However, the price collapsed soon after crossing the $0.000045 mark.
Shiba Inu then continued to experience lower highs and higher lows, ultimately forming the symmetrical triangle. Nevertheless, several analysts have confirmed that the upper trendline is on the verge of being broken. One such analyst is the pseudonymous Bitcoin trader and BingX Advisor Nebraskan Gooner, who highlighted the triangle in a recent post, indicating that meme coin investors are eagerly awaiting a breakout.
Additionally, crypto analyst Cryptoes noted in their analysis that Shiba Inu has remained within the symmetrical triangle. Data confirms that SHIB has now reached the peak of the triangle, and a breakout to the upside or downside appears imminent.
However, current market conditions suggest that the breakout could potentially lean towards the upside. Notably, Bitcoin recently surpassed the psychological zone of $66,000 for the first time in over three weeks. With Bitcoin’s price up by 6.77% in the past 24 hours, the rest of the market is now experiencing an upward trend, and SHIB has capitalized on this price surge.
The ongoing market rally increases the likelihood of an upward breach. Based on this heightened probability, Cryptoes describes the current daily setup for Shiba Inu as a “beauty,” drawing attention to the potential substantial price spike that may occur following the breakout.
Furthermore, NFT enthusiast and seasoned market analyst Davie also commented on the bullish setup. He highlighted that the prevalent symmetrical triangle further indicates the formation of a bull pennant on the daily timeframe. This theory further solidifies the high probability of an upward breakout. Bull pennants typically occur as continuation patterns, forming when a cryptocurrency experiences a rapid surge followed by consolidation after a slight retracement. The formation of a bull pennant suggests that the token will continue its uptrend after the breakout.
Davie emphasized the attractiveness of Shiba Inu’s current daily chart and revealed that he had sold off some assets to capitalize on the imminent rally. He predicts that this rally will result in significant gains in the short term, with Shiba Inu already breaking above the upper trendline.
Currently, Shiba Inu is trading at $0.00002535, reflecting a 6.6% increase in the last 24 hours. Davie predicts that following the breakout, SHIB could experience a sharp surge to surpass the yearly high of $0.000045. His projection envisions a push towards the $0.00005 territory, representing a 97% increase.
Disclaimer: This content serves as informational material and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect the views of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.
