A Shiba Inu (SHIB) Warning Worth Not Ignoring
LUCKNOW (CoinChapter.com) — Shiba Inu (SHIB) is trading at $0.00001879, with a slight 1.31% dip over the last 24 hours. The token navigates a key resistance area near $0.000019, a critical level that caught traders’ attention following SHIB’s consolidation phase.
The market now seeks confirmation of a breakout as SHIB edges toward an important technical inflection point.
Analyst Predicts Bull Run In The Works
Independent crypto analyst Gerard Dargan’s recent tweet highlighted SHIB’s potential for a significant run if it clears resistance around $0.00001900. Dargan pointed out that SHIB’s high-timeframe chart looks set for a breakout.
Analyst predicted a bullish future for SHIB price action.
If SHIB can break through this resistance, it could trigger a strong rally, possibly driving the price toward the next resistance near $0.00002100.
Dargan hinted that technical signals suggest SHIB could gain significant momentum with a confirmed breakout.
Moreover, the gradual reversal from a downtrend to an uptrend has helped the SHIB USDT pair form a bullish pattern, the ‘rounding bottom setup‘.
SHIB USDT pair formed a bullish setup with a 71% upside target.
Analysts also call the pattern a saucer bottom. The bullish pattern consists of a series of price movements that graphically form the shape of a “U,” representing a long consolidation period from a bearish bias to a bullish bias.
The pattern reflects a slow buildup of buying interest, creating a rounded arc at the bottom of the trend. Traders typically calculate the target by measuring the depth of the arc and projecting that upward from the breakout level.
In SHIB’s case, the projected target from the rounding bottom could take the price to $0.00003159, a jump of more than 71% from current levels.
However, for this pattern to play out fully, SHIB must break and sustain above the key resistance. If the token confirms a breakout, SHIB could see a continuation of bullish momentum, driving prices higher.
SHIB Close To Breaking Out Of Neutral Pattern
Meanwhile, the SHIB USD pair might be looking at a bullish breakout from a theoretically neutral technical setup, the ‘symmetrical triangle pattern.‘
Traders generally regard symmetrical triangles as neutral patterns that can break out in either direction. They often wait for a decisive breakout above or below the triangle’s boundaries with increased volume to confirm the pattern’s resolution.
SHIB USD pair has formed a neutral technical setup. Source: Tradingview
The two trend lines converge at the triangle’s apex, and breakouts tend to occur before the price action reaches this point. As the price action narrows, the volume trend should decrease, which often happens as the market consolidates within the pattern.
Traders typically expect a significant increase in volume to validate the breakout. The symmetrical triangle is notorious for its impartiality, breaking upward or downward with a capriciousness that defines the essence of trading crypto assets.
SHIB price is primed for a nearly 258% rally to the pattern’s theoretical price target of nearly $0.000067.
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