Multiple market analysts call attention to a symmetrical triangle on the Shiba Inu daily chart, envisioning a massive run after breakout.
For context, a symmetrical triangle is a pattern formed by converging trendlines, indicating a period of consolidation where the price moves between a series of higher lows and lower highs. It typically suggests a potential breakout, either upward or downward, as the pattern nears its apex.
Shiba Inu Forms Symmetrical Triangle
The formation of Shiba Inu’s symmetrical triangle on the daily chart began on March 5, when it clinched its yearly top of $0.00004567. This peak was the product of a nine-day extensive uptrend, which saw Shiba Inu gain by over 380%.
Shiba Inu Daily Chart
However, after crossing $0.000045, SHIB witnessed a price collapse in the days that followed. Shiba Inu continued to record lower highs and higher lows, essentially forming the symmetrical triangle. Nonetheless, multiple analysts have confirmed that the upper trendline is about to be broken.
Pseudonymous Bitcoin trader and BingX Advisor Nebraskan Gooner is one such analyst. He drew the public’s attention to the triangle in a post on X yesterday, stressing that meme coin investors are currently awaiting a breakout.
$SHIB
Meme pumpers are eagerly waiting for a breakout. pic.twitter.com/3IQx4nZxHV
— Nebraskangooner (@Nebraskangooner) May 15, 2024
In addition, crypto analyst Cryptoes noted in one of his analyses that Shiba Inu has continued to trade within the symmetrical triangle. Data confirms that SHIB has now reached the peak of the triangle, with a breakout to the upside or downside now on the horizon.
However, current market realities indicate that this breakout could actually push toward the upside. Notably, Bitcoin (BTC) recently broke above the $66,000 psychological zone for the first time in over three weeks. With BTC up 6.77% in the past 24 hours, the rest of the market is now in an uptrend, and SHIB has leveraged this price surge.
The ongoing market rally bolsters chances of a breach toward the upside. Based on this heightened probability, Cryptoes touts the Shiba Inu current daily setup as a “beauty,” calling attention to the potential substantial price spike that could envelop SHIB following the breakout.
HOLLY $SHIB WHAT A BEAUTY 😍💎 pic.twitter.com/aRGKX6Vxve
— Cryptoes (@cryptoes_ta) May 15, 2024
Bull Pennant Could Take SHIB Toward $0.00005
Moreover, NFT enthusiast and seasoned market analyst Davie also commented on the bullish setup. Nonetheless, Davis offered a fresh perspective, stressing that the prevalent symmetrical triangle further marks the formation of a bull pennant on the daily timeframe.
This theory further confirms the high probability of a breakout to the topside. Notably, bull pennants typically occur as continuation patterns. They form when a crypto asset records a rapid upsurge and then consolidates after a slight retracement. The formation of a bull flag shows that the token would continue the uptrend after a breakout.
I decided to shift a few things around in my main account to ride the $SHIB train. I felt underexposed. The short term upside here from the pennant pattern looks pretty sweet and we just broke thru the blue resistance line.#Shibarmy Where you at? pic.twitter.com/QaMcrlk30v
— davie satoshi (@NFTdavie) May 15, 2024
Davie emphasized that the current Shiba Inu daily chart is rather attractive, and he had to sell off some assets to jump on the imminent rally. According to him, this rally would result in substantial gains in the short-term, with Shiba Inu having already broken above the upper trendline.
Meanwhile, Shiba Inu currently changes hands at $0.00002535, up 6.6% in the last 24 hours. Davie predicts that, following the breakout, SHIB could record a sharp upsurge to breach the yearly high at $0.000045. His projection envisions a push toward the $0.00005 territory, marking a 97% increase.
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