Shiba Inu (SHIB) is consolidating within a symmetrical triangle pattern after posting an impressive 67% gain in September. Technical analysts note that symmetrical triangles often result in a breakout following the direction of the preceding trend. If SHIB breaks upwards from this pattern, a potential 108% increase could drive its price to $0.00003620.
On-Chain Data Signals Positive Momentum for SHIB
Recent data from IntoTheBlock (ITB) highlights an increase in Shiba Inu’s Market Value to Realized Value (MVRV) ratio, rising from 0.89 to 0.96 between October 11 and 12. Although SHIB’s price remained steady during this period, the MVRV uptick suggests that investors are holding their positions without selling, reflecting growing confidence.
Additionally, ITB data indicates a significant increase in large transaction volumes, surging by 46.79% to $66 million in just two days. This trend implies that large-scale investors are accumulating SHIB, a bullish sign for the cryptocurrency’s future performance.
Technical Analysis: Bulls Eyeing 108% Profit
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A closer look at Shiba Inu’s daily chart reveals that the price is edging closer to breaking out of the symmetrical triangle. The breakout from this pattern could trigger a rally, with Fibonacci retracement levels indicating SHIB is hovering around the 50% retracement level. A push above $0.00001872 would confirm this bullish momentum.
Key levels to watch include the 23.6% retracement at $0.0000205 and the 38.2% retracement at $0.0000220. On the upside, the 161.8% Fibonacci extension suggests a potential target of $0.0000340. However, should the price fail to break upward, the $0.000016 support level may come into play.
What’s Next for Shiba Inu: Breakout or Reversal?
If Shiba Inu fails to break out of the symmetrical triangle, it could revisit the $0.000016 support, a level in line with Fibonacci extensions and historical resistance from August. While the crypto market continues its volatile journey, investors should monitor SHIB’s movements within this key pattern closely.
Meme coins like SHIB are known for their high volatility, driven by social media trends and speculative activity. Investors considering meme coin investments should remain cautious and conduct thorough research before making any decisions.
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