Shiba Inu (SHIB) Price Forms Symmetrical Triangle as Market Corrects

SHIB is being shown by the analyst to be placed in a strong buy zone. As such, it was anticipated by analysts that its price could rise as high as 0.

Shiba Inu (SHIB) price has decreased in the past 24 hours, forming a symmetrical triangle pattern as the overall industry-wide downturn continues. At the moment, SHIB is trading at the $0.000012 support level. With the loss of 77 million SHIB, the coin has been making a symmetrical triangle pattern. Bitcoin (BTC) and Ethereum (ETH) are also down as a result of a technical formation.

Shiba Inu Price Forms Symmetrical Triangle As Market Corrects

The crypto analyst begins by noting that the Shiba Inu price is in the middle of forming a symmetrical triangle pattern, which usually culminates in a breakout. This technical formation indicates that the cryptocurrency is in a consolidation period and has undergone some market corrections in recent times.

As seen on the four-hour chart, the price of SHIB has been oscillating within a contracting range, suggesting that a huge price movement is imminent. After trending down from the highs of 2023, the cryptocurrency encountered support at the $0.000012 Fib level, sparking a slight recovery.

However, after a brief rally, the bulls faced resistance at the $0.000013 Fib level, leading to another leg down. As the cryptocurrency approached the crucial support zone once more, the sellers appeared to lose some momentum.

This resulted in a symmetrical triangle pattern, which is characterized by converging trendlines and decreasing trading volume. As the triangle narrows, the uncertainty builds, making it difficult to predict the next move.

Moreover, the analyst points out that Shiba Inu is placed in a strong buy zone. As such, it was anticipated by analysts that its price could rise as high as 0. 0023 over the near term, a realization of some 17X.

SHIB Price: 77M SHIB Sold At A Loss, Signaling Market Shift

The recent surge of the 30-day MVRV ratio above zero for SHIB seems to indicate increased demand from investors. Transitioning to this shift, and increased confidence in that fact has resulted in a quick price rebound.

The MVRV ratio measures market prices and the price at which tokens were last moved, and becomes positive on crossing into positive territory, indicating positive sentiment.

However, despite the overall positive outlook, there was a significant liquidation of 77.64 million SHIB on March 20, resulting in a loss. This indicates that the assets were quickly moved from weaker to stronger hands.

The data shows that the realized price was $0.00001353, while the average buy price was $0.00001274, resulting in a small loss for sellers. Meanwhile, buyers achieved a profit as they purchased SHIB at a lower price and sold it at a higher one.

This shift in ownership could lead to price stability, and in the most favorable cases, the emergence of long-term growth, where more engaged token owners stack, creating a positive space for long-term price movement.

How Low Will SHIB Price Go?

The latest SHIB price stands at $0.00001280, showing a modest 3% decrease in the past 24 hours. The meme coin movement appears to be consolidating within a descending channel pattern, which is visible on the daily chart.

The SHIB is encountering strong resistance around $0.000013, with an immediate support level found at $0.00001280. This range has been pivotal, as the price has recently bounced off this support area multiple times.

If the Shiba Inu price prediction breaks below the $0.00001250 level, a deeper pullback toward the $0.000012 support could be expected. If the crypto sell market increases, the SHIB price could decrease to $0.00001

The Relative Strength Index (RSI) is 36.37 and below the neutral as this may suggest weakness

The Moving Average Convergence Divergence (MACD) line is below the signal line so bearish momentum is likely in the near term.

If SHIB manages to break to the upside, the first level of resistance would be at $0.00001300, which has been a key price point. If the price surpasses this level, the next resistance could be at $0.00001350, followed by $0.00001400. A successful break above these levels would suggest a shift toward a more bullish trend.

Frequently Asked Questions (FAQs)

1. What does the symmetrical triangle pattern mean for SHIB?

The cryptocurrency is currently forming a symmetrical triangle pattern, which is a technical analysis term used to describe a period of consolidation in a cryptocurrency’s price. This