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Coin Name: $SHIB
Signal Type: LONG
Technical Analysis:
SHIBUSDT is currently forming a symmetrical triangle pattern, a well-known continuation formation in technical analysis. This type of pattern typically suggests a period of consolidation before the price breaks out in the direction of the trend. In SHIB's case, the current chart indicates that the price is approaching a key decision point, where a breakout is highly expected.
Symmetrical Triangle Formation: SHIB is trading within a symmetrical triangle, and if it respects the lower support trendline, we are likely to see the price push up towards the upper resistance level. Should the price break through this resistance, it could initiate a strong bullish run.
Golden Pocket Zone: Another crucial element to consider is that SHIB is currently in the golden pocket (61.8%-65% Fibonacci retracement level), an area often associated with potential reversals or explosive price moves. With SHIB hovering near this key zone, there's a high probability of a sharp upward breakout.
Given the momentum and the chart patterns, a breakout could lead to significant gains, and the risk/reward ratio for this trade is compelling
Symmetrical Triangle Formation: SHIB is trading within a symmetrical triangle, and if it respects the lower support trendline, we are likely to see the price push up towards the upper resistance level. Should the price break through this resistance, it could initiate a strong bullish run.
Golden Pocket Zone: Another crucial element to consider is that SHIB is currently in the golden pocket (61.8%-65% Fibonacci retracement level), an area often associated with potential reversals or explosive price moves. With SHIB hovering near this key zone, there's a high probability of a sharp upward breakout.
Given the momentum and the chart patterns, a breakout could lead to significant gains, and the risk/reward ratio for this trade is compelling
Market Context – TOTAL3 Breakout and Altcoin Rally:
One of the major supporting factors for this trade is the overall market sentiment in the altcoin space. The TOTAL3 market cap (which excludes Bitcoin and Ethereum) has recently broken its resistance in an ascending triangle pattern. This is a bullish signal for altcoins, indicating that capital is flowing into smaller projects like SHIBA INU.
The breakout in TOTAL3 suggests a broader altcoin market rally, meaning that if SHIB follows the market sentiment, we could see a significant pump.
Trade Setup:
Entry Price: 0.00001930
1st Take Profit: 0.00002077
2nd Take Profit: 0.00002172
Leverage: 10x
Stop Loss: 0.00001716
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