Shiba Inu (SHIB), the world's second-largest meme cryptocurrency, is showing signs of a potential bullish reversal after recent price declines. The coin has formed an ascending triangle pattern on the four-hour chart, suggesting a possible breakout if market sentiment continues to improve.
SHIB Price Analysis: Breakout Potential
Current Price Action
- SHIB has been consolidating near the $0.000017 resistance level, a critical point for an ascending triangle pattern.
- A confirmed breakout above this level could trigger a 20% surge, pushing SHIB toward $0.000020.
Key Resistance and Support Levels
- Resistance: $0.000017 (breakout point) → $0.000020 (next target).
- Support: $0.00001545 (major liquidation zone).
Market Sentiment and Trader Activity
Bullish Indicators
- Open interest has increased by 12% in 24 hours, signaling new long positions.
- Short-term traders are optimistic, but watch for selling pressure from exchange inflows ($1.65M in SHIB deposits).
Liquidation Risks
- Over-leveraged positions cluster near $0.00001545 (longs)** and **$0.00001695 (shorts).
- A drop below support could liquidate $1.26M in long contracts.
FAQs
1. What’s driving SHIB’s potential breakout?
Improved sentiment and the ascending triangle pattern suggest upward momentum if SHIB holds above $0.000017.
2. Why are exchange inflows concerning?
Large SHIB deposits ($1.65M) may indicate impending sell-offs, creating downward pressure.
3. What’s the next price target for SHIB?
A confirmed breakout could propel SHIB to $0.000020 (+20%).
4. How reliable is the ascending triangle pattern?
Historically, this pattern signals bullish breakouts, but confirmation requires a 4-hour close above $0.000017.
Final Thoughts
SHIB’s short-term outlook hinges on the $0.000017 breakout. Traders should monitor:
- Exchange inflows for sell pressure.
- Liquidation levels to avoid volatile swings.
👉 Stay updated on SHIB’s latest trends
Note: Always conduct independent research before trading. Market conditions can change rapidly.
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