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🚀🚀🚀Shiba Inu (SHIB) Price Is On The Verge Of A Big Boom, Here's Why
Is the Price of #ShibaInu About to Rise by 65%?
On the daily chart, meme coin displays a critical chart pattern that suggests that a significant price move may be imminent. The analysis of the daily #SHIB / USD chart reveals that a symmetrical triangle pattern has emerged. This classic chart pattern is often considered a continuation pattern and is typically a harbinger of an uptick in volatility. Given that the SHIB is on a fairly strong upward trend, the momentum may swing back in favor of the bulls.
Over the past five weeks, the price of shib has been making a series of lower and higher declines, which is clearly visible from the converging trend lines that contain the price movement.
Exponential Moving Averages (EMAS) also paint a very important picture. The 20-Day EMA is flattening out and showing a neutral short-term trend, while the 50-day, 100-day and 200-day emas are all providing bullish and strong support levels. In particular, the price is currently above the 20-day EMA, which is positioned at about 0.00002817, and this level may serve as a strong support in the near term.
The Relative Strength Index (RSI) is hovering near the 52.40 level, which is slightly above the midpoint of 50 that separates bullish momentum from bearish momentum. The RSI level indicates a neutral stance on market momentum, but leaves room for an upward push if market sentiment swings in a positive direction.
If the shib breaks above the triangle, the price may rise, targeting the height of the triangle, which, given the widest part of the model, may be at the annual peak zone of about 0.000048. This will translate into a price increase of 65% from the current price. Conversely, a downside break could send the price to test the 0.00001500 level, which would be the equivalent target to the downside.
