Shiba Inu: Will This Bullish Formation Lead To A 25% Upsurge?
Shiba Inu (SHIB) has recently caught the attention of traders and investors as it forms an ascending triangle pattern on the price chart. This technical pattern is characterized by higher lows, converging with a horizontal resistance level. The current price of SHIB stands at $0.00000789, experiencing a meager 1% in increase in the last 24 hours and recording a modest seven-day gain of 0.6%, data from CoinGecko shows. However, the real excitement lies in the potential breakout that could lead to a fresh prolonged recovery for the cryptocurrency from this ascending triangle pattern. Source: Coingecko Shiba Inu Ascending Triangle Pattern Explained An ascending triangle pattern is a technical chart formation characterized by higher lows and a horizontal resistance line. Traders often interpret this as a potential bullish signal. As the price approaches the flat resistance line, it indicates that buyers are becoming more aggressive, creating higher lows. This pattern suggests that a breakout to the upside is more likely than a breakdown to the downside. Currently, Shiba Inu’s price is hovering near the neckline of the ascending triangle at $0.00000788. A bullish breakout from this neckline at $0.00000845 could trigger a significant price surge for SHIB. This could set the stage for a fresh and prolonged recovery, potentially enticing more buyers to enter the market. Shiba Inu market cap currently at $4.6 billion on the daily chart: TradingView.com Elon Musk’s Twitter Rebrand Plans Fueling Optimism The optimism surrounding Shiba Inu’s potential breakout is further fueled by recent speculation of its involvement in Elon Musk’s Twitter rebranding. Musk, known for his influential tweets and interest in cryptocurrencies, has hinted at potential collaborations and projects within the crypto space. The billionaire has recently ditched the iconic Twitter blue bird and replaced it with “X.” With SHIB being a meme-based token that gained popularity partly due to its Shiba Inu dog logo, any association with Musk’s plans could attract more attention and buying momentum. The impact of #SHIB will be felt at X if Elon will give Shiba INU instead of FIAT for ad revenues . Imagine the desire of these big mouth digital creator cheering for $SHIB because they also have it ? #SHIBARMY will grow #SHIBARIUM will be used#SHIBARMYSTRONG @elonmusk pic.twitter.com/RzX6TJp1IV — Lola (@CryptoLollla) July 25, 2023 Should the bullish breakout occur and Shiba Inu’s price surpasses the overhead resistance, it could spark a surge in buying momentum. Technical analysis suggests that a successful breakout from the ascending triangle pattern could propel SHIB’s price to $0.00001, representing a potential gain of 25% from its current level. Source: TradingView The latest green candlestick on the daily chart of SHIB serves as a testament to the current bullish sentiment. The green candlestick represents a day when the closing price is higher than the opening price, indicating positive price movement. In conjunction with the ascending triangle pattern, this recent green candlestick adds weight to the potential for a bullish breakout. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from iStock Christian Encila They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.