Shiba Inu Price: Critical Chart Now Unlocks Potential Big Surge

The Shiba Inu price teeters on a knife’s edge this week, as a critical chart pattern signals the digital coin might be about to break free from its slumber. A crypto analyst sees this setup as a tightly wound spring, potentially unlocking a significant, double-digit surge for the popular cryptocurrency, grabbing market attention.

Shiba Inu ($SHIB) recently exhibited what chartists called a descending triangle, a formation that spoke of growing tension between buyers and sellers. This observation, highlighted by market analyst Ali Martinez (@ali_charts on X), suggested the Shiba Inu price could be gearing for a move of roughly 17%.

Dissecting the Shiba Inu Price Pressure Cooker

The pattern involved two key lines on the Shiba Inu price chart. One sloped downwards, connecting progressively lower price peaks, acting as a descending ceiling. 

Beneath it, another line ran almost flat, a sturdy floor around the $0.00001413 mark on Coinbase’s 4-hour chart. This floor showed where buyers had consistently drawn a line. As these lines converged, they squeezed the Shiba Inu price into an ever-tighter range.

This was the “consolidation” the crypto analyst referred to, a common prelude to a decisive, volatile shift. Pressure had built, and the price was expected to either burst upwards through resistance or crack downwards below support. The analyst’s post read: “#ShibaInu $SHIB consolidates within a triangle, awaiting a 17% price move!”

Gauging the Breakout’s Direction

A snapshot from earlier this week placed the Shiba Inu price near $0.00001461. A 17% upward thrust from that level, if the breakout had favored bulls, could have propelled the Shiba Inu price towards the $0.00001710 vicinity – the “potential big surge” alluded to in the headline. This prospect undoubtedly excited the coin’s followers.

However, understanding the dual nature of such patterns was crucial. While the headline captured optimistic potential, descending triangles often resolved with a downside break. 

If the $0.00001413 floor fails, a 17% drop could send the Shiba Inu price tumbling towards $0.00001210. The key for traders wasn’t just the pattern, but the breakout’s direction when it occurred, ideally confirmed by increased trading volume.

The Shiba Inu price, known for drama and rapid movements, had seen such standoffs before. That period of tight trading was likely one of intense focus. 

The subsequent days were poised to reveal whether the formation would indeed unlock a surge, or if a more bearish chapter was to be written for the Shiba Inu price. The market holds its breath, the chart lines drawing a silent story of forces then in equilibrium, just before one side inevitably gained the upper hand.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.