The post Shiba Inu Consolidation in a Triangle Signals Bullish Breakout to $0.000020 appeared on BitcoinEthereumNews.com.

With a bull cycle impending in the four-hour chart, will Shiba Inu give a breakout run to the $0.000020 price level? With a market cap of $8.52 billion, the Shiba Inu meme coin saw an increase of 8.94% last week. As the recovery run in SHIB gains momentum, the uptrend faces a minor hurdle on the four-hour chart. Will this breakout rally lead to a domino effect and spark a full-scale bull run in Shiba Inu? Shiba Inu Teases Triangle Breakout The four-hour chart indicates that the Shiba Inu price trend is undergoing a recovery rally, but it faces some resistance. A double-bottom reversal from $0.0000130 has propelled the Shiba Inu price upward from a local support trendline. This recovery run is challenging a confluence of resistance, resulting in a sideways trend. The overhead resistance comprises the 61.80% Fibonacci level, near the $0.000015 psychological mark, along with an overhead resistance trendline. Shiba Inu Price Chart Additionally, the converging resistance and support trendlines create a symmetrical triangle pattern on the four-hour chart. The bullish cycle has surpassed the 50, 100, and 200-day EMAs, resulting in a golden crossover, and the 100 and 200-day EMAs are on the verge of a bullish cross. Will Shiba Inu Price Hit $0.000020? The Shiba Inu price trend is consolidating above the 50% Fibonacci level at $0.00001427. Currently, it is trading at $0.00001444, with an intraday drop of 0.35% from the opening price of $0.00001448. The underlying bullish momentum is evident as the four-hour chart’s bull cycle within the symmetrical triangle pattern takes a sideways route. Moreover, the growing RSI divergence suggests a potential bullish comeback, as the negative cycle fails to break the 50-day EMA on the four-hour chart and the 50% Fibonacci level. With a potential double-bottom reversal, the Shiba Inu price trend could…

---

Filed under: News - @ September 24, 2024 8:20 am