Shiba Inu Price On The Verge Of A Massive 38% Breakout
April 17 2023 - 4:40AM
NEWSBTC
Shiba Inu (SHIB) is flashing heavy signs that the price is on the
verge of a massive breakout from a consolidation phase that has
been ongoing since early February. As NewsBTC reported last week,
SHIB has been forming an ascending triangle on the 1-day chart
since March 10. The ascending triangle is one of the continuation
patterns and signals that the previous trend direction is resumed
after a consolidation. The uptrend is the price rally that Shiba
Inu initiated on January 1 at $0.00000808, which propelled the
price up to $0.00001589 on February 4 (+97%). After SHIB reached
this local high, the meme coin price fell to as low as $0.00000958
on March 10. Since then, however, the Shiba Inu price has been
writing higher highs. At the same time, as is characteristic for an
ascending triangle formation, the Shiba Inu price showed a flat
resistance level at the upper end. This price level sits at
$0.00001151 for SHIB. The bulls haven’t been able to overcome this
heavy resistance in eight attempts since early March..However, at
the time of writing, SHIB made a new attempt and was trading at
$0.00001161 after yesterday’s daily close just above the resistance
line. If SHIB can close above the $0.00001151 resistance today and
turn it into support, it could mean that the local high from early
February is the next likely price target. A price increase of at
least 38% (up to $0.00001591) could thus be on the cards. Related
Reading: Shiba Inu: How The Meme Coin Weathered Whale Dumping And
Emerged Stronger In other words, Shiba Inu could resume its uptrend
that started in early January. After a two-month consolidation, the
bulls could target the August 14, 2022 high of $0.00001787 in the
medium term. This would allow for a price gain of over 55% compared
to the current price. However, it is important to note that a
breakout from the ascending triangle requires a high trading
volume. If the breakout takes place under low volume, it may be a
false signal, as some of the recent attempts have shown. This needs
to be observed for the moment. What’s Driving Today’s Shiba Inu
Price Breakout? One reason for the recent rise in Shiba Inu’s price
could be the newfound interest from whales. Data from Etherscan.io
shows that a newborn whale just made its first SHIB purchase,
buying an impressive 3.484 trillion SHIB worth about $39.93
million. With this, the unknown investor has abruptly become the
29th largest holder of SHIB. Related Reading: Shiba Inu Price Set
For Breakout From Bull Pattern In April Already on Thursday, April
13, the 19th largest Shiba Inu whale had invested $1.88 million to
add 171.68 billion SHIB to its portfolio. New hype for Shiba Inu
may also have been generated by an announcement from lead developer
Shytoshi Kusama. In a recent Telegram chat, he revealed that the
launch of ShibaSwap 2.0 could be imminent in the coming weeks and
months. “Ignore anything that says otherwise,” stated Kusama, who
did not reveal an exact launch date. Breaking news: #Shibaswap 2.0
is coming.🚀🚀 pic.twitter.com/tBs7RKy2EN — SHIB World🔥 🚀
(@SHIB__World) April 16, 2023 Featured image from Nasdaq, chart
from TradingView.com
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