Shiba Inu – All you need to know about SHIB’s latest breakout odds

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  • Shiba Inu seemed to be approaching the resistance of a bullish pattern
  • However, a key technical indicator raised a red flag

As a seasoned researcher who has weathered countless market fluctuations and witnessed the rise and fall of various digital assets, I must admit that Shiba Inu’s [SHIB] recent technical maneuvers have piqued my interest. The bullish pattern it finds itself in is reminiscent of a tightrope walker balancing precariously on a high wire – one misstep and the consequences could be significant.

Last month, Shiba Inu [SHIB] broke above a bullish pattern, allowing it to register promising gains on the charts. The world’s second-largest memecoin has once again been consolidating inside a bull pattern over the last few days.

If SHIB manages to repeat history, then investors might see SHIB touch high ground. 

Shiba Inu’s double breakout

Previously noted, Shiba Inu showed a bullish move out of a descending triangle formation on September 18. Following this breakout, the digital currency experienced an uptrend reaching $0.000020. Subsequently, a pullback occurred in its price.

However, there was more to the story as SHIB once again entered a similar pattern.

As I pen down these words, I am closely observing the resilience of the bullish pattern. Should we breach this threshold, it could potentially ignite a substantial surge. This upswing might propel SHIB to reach approximately $0.000027 in the imminent future or perhaps even within the next few weeks.

Will SHIB break out again?

After deciding to delve more thoroughly into the current status of the memecoin, AMBCrypto aims to gain a clearer perspective on the likelihood of a bullish surge. Based on data from CoinMarketCap, Shiba Inu’s (SHIB) price has displayed encouraging signs in its price trends, with both its daily and weekly charts showing green.

The better news was that while the memecoin’s price increased, its trading volume also surged by over 19%. Whenever the trading volume rises amidst a price uptrend, it hints at a sustained price hike. Therefore, it’s worth looking at on-chain metrics too. 

From my perspective as an analyst, while a bullish pattern emerged, the balance between buying and selling pressure remained relatively steady. This equilibrium was evident in the closely aligned supply on exchanges and off-exchange supply charts. Furthermore, based on the flat supply held by top addresses, it appears that whales have been relatively inactive in trading Shiba Inu.

Currently, when I’m typing this, the Fear & Greed Index for SHIB is showing “greed.” This position suggests that a potential price adjustment or correction may occur since it signals heightened enthusiasm among investors.

Based on AMBCrypto’s analysis, they examined the technical signals of the memecoin to determine if there could be a potential breakout in a bullish direction beyond the current pattern.

Read Shiba Inu’s [SHIB] Price Prediction 2024–2025  

According to our study, Shiba Inu (SHIB) was attempting to surpass its 20-day Moving Average (MA). If successful, this could propel SHIB beyond the bullish trend, potentially reaching a price of $0.000027.

Nevertheless, the Moving Average Convergence Divergence (MACD) signaled a downtrend, which could potentially halt Shiba Inu’s upward momentum temporarily in the near future.

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2024-10-12 08:07