- A bullish ascending triangle pattern has formed on SHIB’s daily chart.
- If the pattern is validated, SHIB may rise to $0.0000105 in the coming week.
- Should the bearish sentiment for SHIB continue, it could drop to as low as $0.00000643.
Despite the market trend’s indecisiveness, the price of Shiba Inu (SHIB) continues to show signs of recovery due to the impact of an ascending triangle pattern. Over the last five weeks, buyers of the coin have consistently found support from the rising trendline formed by this pattern.
Since hitting its low point of $0.0000064 on 14 June 2023, the price has experienced a notable 22% surge. This pattern suggests the potential for further upward movement, possibly leading the popular meme coin to challenge even higher price levels.
The altcoin’s price was attempting to challenge the lower trend line of the triangle chart pattern. Should SHIB’s price reach this level, bulls may identify the meme coin’s price as a buy opportunity – resulting in a potential 9.35% upswing.
If this bullish thesis plays out, SHIB’s price could climb to the resistance of the pattern at $0.0000085 in the following few days. However, this level has stood strong as a resistance level twice over the past week, so there will need to be a significant amount of buy pressure to breach this mark.
If SHIB succeeds in breaking above this resistance level, then it could continue to rise to $0.0000105 – constituting a 25% rise in its price. On the other hand, continued negative market sentiment may force SHIB below the trend line. This will then result in increased selling pressure which may bring its price down to $0.00000715, or even $0.00000643.
At press time, SHIB was trading at $0.000007834 after it dropped 0.34% over the past 24 hours, according to CoinMarketCap. This negative performance also brought the meme coin’s weekly performance down further into the red to -3%.
SHIB also weakened against Bitcoin (BTC) by 0.20% in the past day of trading. It was, however, able to outperform the leading altcoin Ethereum (ETH) by 0.63% during this period.
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