James Atkins
Editor
Editor
The Shiba Inu (SHIB) price has broken out from an ascending triangle as the token pumps over $0.00003550 during the early hours of May 5.
The breakout occurred as trading volume spiked to its highest level in over two weeks. The move has invalidated a bearish head and shoulders pattern that had developed over the past week. Here are a few takeaways:
On Monday, the Shiba Inu cryptocurrency was a major topic. The cryptocurrency gained in value as more investors became interested. The Monday jump took it above a significant barrier, suggesting that additional traders are circling.
Due to several developments, one of which has been the Shibarium TestNet, SHIB may break out. The anticipated launch date for the Shibarum Public Beta test had been Q3 2022, according to developers.
Although the quarter ends in September. Members of the community were still optimistic that the Testnet upgrade would be released between August 15-21.
Another reason that SHIB is gaining popularity is the anticipated online game. The game promises to help Shiba Inu shed its meme tag. Some people also think that Ethereum is helping to increase demand for SHIB.
SHIB investors may be seeing things that will happen in the future. This move could potentially increase the value of SHIB tokens as they would then be based on Ethereum.
The meme coin market is often associated with high volatility. SHIB investors were reminded of this on August 19 when the token took a nosedive from $0.000035 to $0.000023.
At press time, Shiba Inu was trading at $0.000029, representing a minor rebound from the intraday low. Nevertheless, SHIB has surged over 2,700% in the past 30 days.
The move higher in Shiba Inu coincided with a strong rally in Ethereum. The second-largest cryptocurrency by market capitalization is up 37% since mid-July as investors rotate into so-called Altcoins.
When the price of SHIB breaks out from a triangle, it usually means that the price is going to go up. A triangle is a pattern where the price is stuck between two lines.
Data Source: Tradingview
The Shiba Inu token has surged above the resistance at $0.000012, forming an ascending triangle with the resistance and trendline. However, it is now retreating from being overbought.
The price of the currency is currently $0.00001470. The breakout from the ascending triangle has made it possible for the price to go higher.
SHIB is currently testing the resistance at $0.00002, but it may retrace to support at $0.000012 before continuing its climb. This could be an opportunity for investors to enter the market.
The Altcoin is doing well right now. It has gone back to the 0.786 Fibonacci level, which is a good place for the bulls to start moving again. The next goal for the bulls is $0.00002.
The meme token SHIB broke out of an ascending triangle and was bought by investors. The good news for the meme coin started to pile up. SHIB is retracing, however, the upside potential remains intact. The next barrier is $0.00002.
Shiba Inu is flying out of a triangle as the price rises. In recent days, altcoin investors have been purchasing the cryptocurrency. SHIB has risen by over 400% in the last week as a result of heavy buying pressure.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
