SHIB, the popular dog-themed meme coin, has recently adopted a sideways trend above the $0.0000123 support. A crypto analyst highlighted this consolidation as the final squeeze before the Shiba Inu price, which provided a deceive breakout from the symmetrical triangle pattern in the weekly chart. Is the bull run imminent?
Analyst Forecasts Shiba Inu Price Breakout to $0.000045 Amid Bullish Pattern
According to a recent analysis by ChartingGuy, the Shiba Inu coin gave a bullish breakout from the symmetrical triangle pattern in the weekly chart. Typically, the chart pattern shows a consolidation phase resonating within two converging trendlines to recuperate its prevailing momentum.
The analyst signaled, “THE MEMES ARE READY,” suggesting high anticipation for a breakout that could ignite a significant surge in Shiba Inu price prediction. While the tweet didn’t mention a specific target for the potential rally, a typical breakout from a triangle pattern often leads to an upswing toward its highest peak, which in this case is around $0.000045.
However, the chart highlights immediate overhead resistance at $0.000016 and $0.0000226, as indicated by the Fibonacci retracement levels.
$SHIB 📈
THE MEMES ARE READY 🐶 https://t.co/I6duve8dl7 pic.twitter.com/vrL9zHqBTZ
— Charting Guy (@ChartingGuy) September 23, 2024
Check out the article on top meme coins to buy for a detailed analysis.
Shiba Inu Supply Shift to Private Wallets Minimizes Sell-Off Risks
The Santiment data reveals a steady decrease in SHIB supply on exchanges, signaling that tokens are being moved into private wallets. This shift reduces the available supply for trading, minimizing sell-off risks and reflecting growing investor confidence in the asset.
Additionally, the supply held by top SHIB addresses has remained steady at 61.2% since April 2024. This suggests that large holders maintain their positions, avoiding selling in anticipation of potential future gains.
SHIB Price Primed for Breakout as Double Bottom Pattern Forms
The Shiba Inu price prediction in the daily chart shows the prior correction trend has shifted sideways above the $0.0000123 horizontal level. The coin price rebound twice from this support indicates the formation of a double bottom pattern.
This chart setup resembles a ‘W’ shape, which usually signals bottom formation, offering buyers a fresh breakout opportunity. If the chart pattern holds, the Shiba price could rise 11.27% to challenge the neckline resistance at $0.000016,
If the buyers flip the overhead resistance into potential support, the post-breakout rally drives a rally to a $0.00002 high.
On the contrary note, if the resistance at $0.000016 stands firm, the SHIB price reverts lower and continues its current sideways action.
Frequently Asked Questions (FAQs)
The symmetrical triangle pattern indicates a consolidation phase, which typically results in a breakout. For SHIB, this breakout could lead to a surge toward $0.000045
The steady decrease in SHIB supply on exchanges reduces sell-off risks, signaling increased investor confidence as tokens move into private wallets.
The Shiba Inu price faces immediate resistance at $0.000016 and $0.0000226, as indicated by Fibonacci retracement levels
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/markets/analyst-shiba-inu-0-000045-symmetrical-triangle-pattern/
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