The overall cryptocurrency market has not changed significantly in the last 24 hours. Shiba Inu (SHIB), the largest meme coin after Dogecoin (DOGE), is changing hands at $0.00002272, down 3.1 percent. So, what are the prospects for the fifteenth largest cryptocurrency? What do the charts show? Here are the comments of a technical analyst…
Is the Shiba Inu (SHIB) bullish coming?
Shiba Inu price shows evidence of an ongoing triangle formation, according to Tony M., an analyst specializing in technical analysis. If the technical information is correct, the SHIB price will increase by 17-20 percent in May. The analyst explains why he thinks so, with what he sees on the chart, while saying, “The Shiba Inu price has given reasons to believe in a 17 percent bullish rally in the coming days.”
SHIBA price chart seems to turn into a triangle pattern forming 3 of the 5 required patterns. Analyzing techniques, A, B waves fit the familiar triangle criteria as they exhibit undulating and sometimes unpredictable changes in direction. As we reported as Kriptokoin.com, SHIB last increased to $ 0.00008616 on October 28.
What levels are likely to be seen on the downside?
SHIB price is currently trading at $0.00002308. The current downtrend looks relatively weak in terms of volume, which is a confluence signal for the potential triangle idea. Additionally, candlesticks within the downtrend are also relatively weak compared to the big bull rally that occurred at the end of wave C on April 12. It is worth noting that wave C has a strong buy signal on the Relative Strength Index.
Shiba Inu price has a 17 percent bullish target at $0.00002621 and this should be the last wave marking wave D. The invalidation of the bullish idea is a break below wave C at $0.00002217. If the bears can break through this level, the triangle idea will not be invalidated, but liquidity levels below $0.00001850 will be an ideal target for the bears, resulting in a 20 percent drop in the current price.
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