Shiba Inu prices are showing signs of significant upside, but we are waiting for a bullish trigger that may come sooner than expected.
As a result, the memecoin could hit new highs if it manages to break through some key resistances.
Shiba Inu hits the charts
Shiba Inu price is currently trading within a symmetrical triangular pattern, supported by increasingly bullish market cues. His first one is Moving Average Convergence Divergence (MACD). This trend-tracking momentum indicator is used to identify potential buying and selling opportunities.
At the moment, this indicator is showing a bearish pullback. A double bottom formed by bars on the histogram indicates increasing bullishness in the market. A bullish crossover will confirm this.
Second, memecoins are attempting to chart their own path, escaping the influence of Bitcoin, the world's largest cryptocurrency. The correlation between SHIB shares and BTC, although positive, is currently declining.
This indicates that the dog-themed token may be deviating from the bearish cues set by Bitcoin. Such developments will help cryptocurrencies rise.
Read More: 6 Best Platforms to Buy Shiba Inu (SHIB) in 2024
SHIB Price Prediction: Ready to Rise
At the time of writing, Shiba Inu price is trending at $0.00002744 in a symmetrical triangular pattern. The convergence of trend lines forms a symmetrical triangular pattern, indicating a period of consolidation. This usually suggests an up or down breakout and indicates a possible continuation of the previous trend.
SHIB is nearing a breakout and the meme coin could post a 43% rally based on the goals set by the pattern. This brings the Shiba Inu price to $0.00004816.
Read more: How to buy a Shiba Inu (SHIB) and everything you need to know
However, if the altcoin fails to break out of the flip, there is a possibility of a pullback from the resistance levels marked at $0.00003063 and $0.00003500. A move through the lower trendline of the pattern invalidates the bullish theory and pushes SHIB to his $0.00002400 level.
Disclaimer
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