SHIB Consolidates in Symmetrical Triangle as Analysts Target 17x Gain to $0.00023

Shiba Inu (SHIB) is currently consolidating within a symmetrical triangle pattern, with analysts eyeing a potential breakout toward $0.00023. At the time of writing, SHIB is trading at $0.00001307, and a successful move to the target level would represent a 17x gain from its current price [1]. This pattern, characterized by higher lows and lower highs, has seen the price recently touch the lower trendline, suggesting ongoing consolidation ahead of a possible directional move [1].

Technical analysis from Crypto Elites highlights that multiple touchpoints on both the support and resistance lines of the triangle confirm the pattern’s validity. The recent tightening of price action and compressed volume are seen as precursors to increased volatility, a common feature before significant price movements [1]. A bullish scenario is also supported by whale accumulation and a decline in exchange supply. On-chain data reveals that whale holdings have risen to 109.69 billion SHIB, up from 105 billion earlier this month, indicating growing institutional or large investor interest [1].

Additionally, the number of SHIB tokens on exchanges has dropped to 277.37 trillion, reflecting a shift toward self-custody and signaling reduced selling pressure. This trend is often interpreted as a sign of confidence among long-term holders [1]. CoinMarketCap data shows that SHIB’s market cap remains at $7.54 billion, with a 24-hour trading volume of $224.16 million, underscoring continued market activity despite minor price fluctuations [1].

Butterfly_Chart noted that SHIB is “testing the broken descending triangle pattern as new support,” with a confirmed bounce from this level potentially validating the larger breakout scenario. A successful move from the lower boundary of the triangle could reinforce the projected 17x target [1].

Source:

[1] SHIB Analysts Eye $0.00023 as Symmetrical Triangle Builds Toward 17x Target

https://cryptofrontnews.com/shib-analysts-eye-0-00023-as-symmetrical-tri/