The crypto market is buzzing with anticipation as Shiba Inu (SHIB) forms an ascending triangle pattern on its price chart. This technical formation, characterized by higher lows and a horizontal resistance level, is attracting the attention of traders and investors alike.
With SHIB currently priced at $0.00000789, experiencing a modest 1% increase in the last 24 hours and a seven-day gain of 0.6%, all eyes are on the potential breakout that could trigger a fresh and prolonged recovery for the cryptocurrency.
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The ascending triangle pattern is a well-known technical chart formation that often signals a potential bullish movement. It is formed when the price creates higher lows, which converge with a flat resistance line. This pattern indicates that buyers are becoming more aggressive as they push the price upwards. Based on this formation, traders interpret an upside breakout as more probable compared to a breakdown to the downside.
Currently, Shiba Inu’s price hovers near the neckline of the ascending triangle at $0.00000788. Traders and investors are closely monitoring a potential bullish breakout from this neckline, which sits at $0.00000845. Should this breakout occur, SHIB may experience a significant price surge, setting the stage for a fresh and prolonged recovery and potentially enticing more buyers into the market.
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Should the anticipated bullish breakout materialize and Shiba Inu’s price surpasses the overhead resistance, a surge in buying momentum could be ignited. Technical analysis suggests that this breakout from the ascending triangle pattern could propel SHIB’s price to $0.00001, representing a potential gain of 25% from its current level.
The most recent green candlestick on the daily chart of SHIB further bolsters the current bullish sentiment. Green candlesticks indicate that the closing price is higher than the opening price, signaling positive price movement. In conjunction with the ascending triangle pattern, this recent green candlestick adds weight to the potential for a bullish breakout.
Adding to the excitement surrounding SHIB’s potential breakout is speculation related to Elon Musk’s Twitter rebranding. Recently, he caught the attention of many by replacing the iconic blue bird logo on his Twitter handle with the letter “X.”
Given SHIB’s popularity as a dog-themed token, the association with Musk’s plans has the potential to draw increased attention and buying momentum to the cryptocurrency.
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