Shiba Inu, like many cryptocurrencies, has been negatively impacted by the current bearish phase in the market. However, there are signs that Shiba Inu could be preparing for a potential recovery. Recent market data suggests that the cryptocurrency has been trading within a symmetrical triangle pattern since its drop from $0.000045 last month. While it faced several rejections when attempting to break out of this triangle, Shiba Inu has now reached the apex of the pattern, indicating a possible breakout in the near future.
Analyst SHIB Knight points out that Shiba Inu is currently in an accumulation phase, and he is taking advantage of the discounted price to acquire more tokens before an anticipated price pump. If Shiba Inu retests the lower trendline of the symmetrical triangle, it could signal an imminent breakout to the upside. The support at this level is further reinforced by the 50-day EMA at $0.00002446.
To continue its upward movement, Shiba Inu would need to breach the resistance at the 21-day EMA ($0.00002806). Once this is achieved, minimal resistance is expected until it surpasses the $0.000036 level, which has the largest sell wall according to IntoTheBlock data. Beyond that, the next target for Shiba Inu would be the $0.000056 zone, where a significant number of addresses purchased the cryptocurrency at an average price of $0.000051. The last time Shiba Inu reached this price position was in November 2021.
There are already indications of bullish sentiment among SHIB holders, with whales accumulating more tokens and an increase in social volume. However, Shiba Inu currently trades at $0.0000266, experiencing a 3.75% decrease in the last 24 hours.