Shiba Inu Price Ready To Bounce Off 3.5 Year Triangle For 660% Surge Toward ATH | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure Crypto analyst The Cryptagon has provided a bullish outlook for the Shiba Inu price. The analyst revealed that the meme coin is ready to bounce off an ascending triangle, which could send its price to its current all-time high (ATH) and possibly surpass it

Shiba Inu Price To Bounce Off Ascending Triangle And Rally To ATH

In a TradingView post, The Cryptagon stated that the Shiba Inu price is rebounding off the 3.5-year triangle. He added that the 1-week Relative Strength Index (RSI) is on a similar sequence as between February and May 2023, which eventually led to a price surge of over 661%

Related Reading: Here’s Why The Dogecoin And Shiba Inu Prices Crashed Double-Digits In The Last DayHis accompanying chart showed that the Shiba Inu price could again rally to its current ATH as it breaks out from the triangle. This rally represents about a 700% increase, similar to the price surge that SHIB witnessed in 2023. The meme coin will need to break the crucial resistance at around $0.000035000.

SHIB eye bullish breakout to new ATH | Source: Cryptagon on TradingviewThe Cryptagon remarked that considering that the Shiba Inu price last week made a double bottom pattern similar to the August 2024 low, this is a “‘unique long-term opportunity.” He advised market participants to buy and target SHIB’s projected rally to $0.00008450

Crypto analyst Javon Marks also recently predicted that the Shiba Inu price could rally to the $0.000081 range. He remarked that this breakout target remains unchanged as SHIB’s price continues to hold broken out and is up since showing responsiveness to this breakout. As such, he is confident that a rally of over 500% to reach this price target could still be in play

The Bullish And Bearish Case For SHIB

Crypto analyst Crypto Sat has outlined both a bullish and bearish case for the Shiba Inu price. First, he noted that SHIB’s 1-hour chart is showing a falling wedge, which is a bullish reversal pattern. For the bullish case, the analyst remarked that a breakout above $0.00001260 could trigger a rally toward $0.00001280 or even $0.00001320. He added that SHIB could push even higher if buying momentum increases

Related Reading: Shiba Inu Price Reversal Threatened As Large Transactions Suffer 61% Crash, Here Are The NumbersMeanwhile, for the bearish case, Crypto Sat stated that if the Shiba Inu price holds $0.00001260 as resistance and fails to break out, the meme coin could dip toward $0.00001220 before another attempt. He warned that a drop below the $0.00001220 would invalidate this setup

The crypto analyst further assured that the SHIB remains one of the strongest meme coins, especially with bullish fundamentals like the Shibarium developments and ongoing token burns, which add long-term potential. Crypto Sat again reaffirmed that the Shiba Inu price is approaching a key breakout zone. If the Bulls take charge, he is confident that SHIB could see a strong upside move

At the time of writing, the Shiba Inu price is trading at around $0.00001261, down in the last 24 hours, according to data from CoinMarketCap.

SHIB trading at $0.000012 on the 1D chart | Source: SHIBUSDT on Tradingview.comFeatured image from Adobe Stock, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.