Shiba Inu Price Set For Breakout From Bull Pattern In April
April 10 2023 - 9:00AM
NEWSBTC
The Shiba Inu (SHIB) price continues to consolidate, showing little
momentum to initiate another furious rally. With the Bitcoin price
trading below the key resistance zone at $28,600, an altcoin season
has so far failed to materialize – and with it an important
catalyst for previous SHIB rallies. However, SHIB has quietly
formed a bullish chart pattern that could point to a price breakout
before the end of April. After the sharp pullback from
$0.00001591 in early February, SHIB reached a local low at
$0.00000967 on March 10. However, since then SHIB has been writing
higher lows and has formed an ascending triangle pattern on the
1-day chart. As is characteristic of an ascending triangle
formation, Shiba Inu price is showing a flat resistance level at
the upper end. This is at $0.00001151 for SHIB and could not be
broken in seven attempts so far. The lower side is sloping upward
as price reaches higher lows. Traditionally, the pattern can signal
weakening resistance and an impending breakout to the upside. These
higher lows indicate that bulls are gaining the upper hand in the
market. In other words, this could mean that Shiba Inu may continue
the uptrend initiated in early January after a two-month
consolidation if the horizontal resistance line at $0.0000151 is
cleared. For this to happen, however, buyers will need to build
more pressure against sellers to continue writing higher lows and
ultimately achieve the breakout. Related Reading: Whale Adds 378.74
Billion Shiba Inu In 3 Days, Good Time To Buy The Dip? The apex of
the ascending triangle sits at the end of April, so a turning point
for SHIB will come no later than that. Either the $0.00001151 level
is broken or the bullish chart pattern is threatened to be
invalidated. Then, a retest of the local low of early February
becomes a possibility. Importantly, a breakout from the triangle
requires a rising trading volume. If the breakout takes place under
low volume, it can be a false signal, as some of the last attempts
have shown. Related Reading: Shiba Inu Trails Dogecoin With 9%
Rally – Will SHIB See Further Gains? Bullish Catalysts For Shiba
Inu An external catalyst outside the SHIB ecosystem could be an
“altcoin season.” In a recent analysis, Jan Happel and Yann
Allemann, co-founders of Glassnode, write that a collapse in the
Bitcoin price to $25,000 to $26,500 could lead to a full-blown alt
season. “So, we are seeing signs that the altcoin season is coming,
but we await a solid confirmation, such as numerous altcoins going
off (exploding). As of now, only 4 show explosiveness,” the two
analysts write. Shiba Inu intrinsically, the launch of Shibarium on
the mainnet is likely to be the biggest catalyst for SHIB. However,
as Influencer Lucie shared today, the date is not yet known. “I
don’t have a crystal ball, it could be 2-6 months,” the SHIB
community member wrote. Wen is not a fruitful question, I ignore
it. I don't have a crystal ball, it could be 2-6 months — 𝐋𝐔𝐂𝐈𝐄
(@LucieSHIB) April 10, 2023 In that respect, this catalyst seems
very unlikely to happen by the end of April. If anything,
announcements for the beta testnet could create a re-emergence of
hype. Other factors may include a further increase in the SHIB burn
rate, led by the Koyo project, as well as the continued growth of
the SHIB user base. Featured image from VOI, chart from
TradingView.com
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