Shiba Inu Set for a Potential 17X Surge as it Enters Key Buying Territory

Shiba Inu’s price behavior has mostly remained subdued over the last few weeks, but this may soon alter with a dramatic shift. A recent study by CryptoELlTES on the social platform X indicated a substantial 17X movement for the Shiba Inu price.

The analyst presented a graph illustrating Shiba Inu’s current position within a strong technical framework, indicating that the cryptocurrency is in a robust buying zone and nearing a critical breakout.

Shiba Inu Secured In Long-Term Bullish Framework, Aiming for $0.00023

As per the graph shared by CryptoELlTES, Shiba Inu is moving within a contracting symmetrical triangle—a pattern frequently linked to significant breakouts once the price action constricts adequately. This chart layout encapsulates Shiba Inu’s price behavior over multiple years, starting from its peak of $0.00008616 in October 2021. 

Importantly, the chart notes several successful touches of the triangle’s support line, each characterized by price recoveries that have preserved the structure’s bullish strength. These recoveries have been coupled with decreasing highs over time at a descending resistance trendline, resulting in the development of a contracting triangle.

The most recent movement was a rebound off the lower trendline of the triangle, and the forthcoming expected shift is a push towards the triangle’s apex.

The technical configuration described in the analysis implies that should Shiba Inu manage to surpass the triangle’s upper limit, a 17X leap towards the $0.00023 price point might ensue. While this anticipated movement appears overly optimistic, it corresponds with established principles of technical analysis concerning breakouts from symmetrical triangles.

Image From X: CryptoELlTES

SHIB’s Present Price Behavior Indicates Increasing Momentum

Shiba Inu’s price has exhibited initial signs of strength following another bounce off the lower trendline, showcasing the persistence of buying pressure around this support level. The formation on the chart implies that SHIB might be creating a cup within the larger triangle, enhancing the bullish perspective if a breakout transpires.

Building upon this favorable momentum, Shiba Inu’s recent price fluctuations have tilted the monthly chart into a bullish position, paving the way for what could be a notable technical landmark. If the upward trend continues, Shiba Inu is set to mark its first positive monthly close in April after five consecutive months of negative closes.

At the moment of writing, Shiba Inu is trading at $0.00001381, down by 5.5% in the last 24 hours. Nevertheless, despite the brief setback, the meme token remains up by around 11.5% from its opening price in April.

The query now is whether the wider cryptocurrency market will deliver the momentum necessary to initiate such a Shiba Inu price surge that breaches the symmetrical trendline and propels it to $0.00023.

Featured image from Unsplash, chart from TradingView

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