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Shiba Inu Price Set For Breakout From Bull Pattern In April
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Shiba Inu Price Set For Breakout From Bull Pattern In April

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Shiba Inu

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The Shiba Inu (SHIB) price continues to consolidate, showing little momentum to initiate another furious rally. With the Bitcoin price trading below the key resistance zone at $28,600, an altcoin season has so far failed to materialize – and with it an important catalyst for previous SHIB rallies.

However, SHIB has quietly formed a bullish chart pattern that could point to a price breakout before the end of April. After the sharp pullback from $0.00001591 in early February, SHIB reached a local low at $0.00000967 on March 10.

However, since then SHIB has been writing higher lows and has formed an ascending triangle pattern on the 1-day chart. As is characteristic of an ascending triangle formation, Shiba Inu price is showing a flat resistance level at the upper end. This is at $0.00001151 for SHIB and could not be broken in seven attempts so far.

The lower side is sloping upward as price reaches higher lows. Traditionally, the pattern can signal weakening resistance and an impending breakout to the upside. These higher lows indicate that bulls are gaining the upper hand in the market.

Shiba Inu SHIB price
SHIB has formed an ascending triangle pattern, 1-daychart | Source: SHIBUSD on TradingView.com

In other words, this could mean that Shiba Inu may continue the uptrend initiated in early January after a two-month consolidation if the horizontal resistance line at $0.0000151 is cleared. For this to happen, however, buyers will need to build more pressure against sellers to continue writing higher lows and ultimately achieve the breakout.

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The apex of the ascending triangle sits at the end of April, so a turning point for SHIB will come no later than that. Either the $0.00001151 level is broken or the bullish chart pattern is threatened to be invalidated. Then, a retest of the local low of early February becomes a possibility.

Importantly, a breakout from the triangle requires a rising trading volume. If the breakout takes place under low volume, it can be a false signal, as some of the last attempts have shown.

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Bullish Catalysts For Shiba Inu

An external catalyst outside the SHIB ecosystem could be an “altcoin season.” In a recent analysis, Jan Happel and Yann Allemann, co-founders of Glassnode, write that a collapse in the Bitcoin price to $25,000 to $26,500 could lead to a full-blown alt season.

“So, we are seeing signs that the altcoin season is coming, but we await a solid confirmation, such as numerous altcoins going off (exploding). As of now, only 4 show explosiveness,” the two analysts write.

Shiba Inu intrinsically, the launch of Shibarium on the mainnet is likely to be the biggest catalyst for SHIB. However, as Influencer Lucie shared today, the date is not yet known. “I don’t have a crystal ball, it could be 2-6 months,” the SHIB community member wrote.

Wen is not a fruitful question, I ignore it.

I don't have a crystal ball, it could be 2-6 months

— 𝐋𝐔𝐂𝐈𝐄 | SHIB.IO 🧜🏼‍♀️ (@LucieSHIB) April 10, 2023

In that respect, this catalyst seems very unlikely to happen by the end of April. If anything, announcements for the beta testnet could create a re-emergence of hype. Other factors may include a further increase in the SHIB burn rate, led by the Koyo project, as well as the continued growth of the SHIB user base.

Featured image from VOI, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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