Shiba Inu (SHIB) Price Prediction: Will Bulls Finally Take Control and Push SHIB to $0.001?

Shiba Inu (SHIB) has been making headlines with its recent price action. On Oct. 23, the token saw a 3.16% drop to $0.00001764, following a notable increase in its burn rate.

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Shiba Inu (SHIB) price analysis reveals a bullish technical setup as the token fiyatı trades within an ascending triangle pattern on the 4-hour chart. A breakout from this pattern could lead to further gains for SHIB.

Shiba Inu price analysis: Bullish technical setup

After a recent period of consolidation, Shiba Inu fiyatı has shown bullish signs with its recent price action. The token fiyatı broke out from a descending triangle pattern on Oct. 21, sparking a wave of optimism among traders.

Now, as SHIB price continues to consolidate around the $0.00002 price level, technical analysis reveals a bullish setup that could propel the token price higher in the coming days.

On the 4-hour chart, the SHIB USD pair is forming an ascending triangle pattern, a bullish technical formation.

This pattern is characterized by a horizontal resistance line connecting swing highs and an ascending trendline linking higher swing lows.

The ascending trendline serves as support for the rising price as it approaches the resistance level, indicating increasing buying pressure.

Currently, SHIB price is testing the ascending trendline of the pattern as support. A rebound from this trendline could see Shiba Inu price breakout from the ascending triangle setup.

The significance of this pattern lies in the potential for a breakout. As the price approaches the resistance level, a surge in trading volume typically confirms the likelihood of a breakout above the resistance.

Moreover, the ascending triangle formation provides a clear visual framework for assessing potential price movements in the near term.

In technical analysis, the pattern’s price target is calculated by measuring its height and projecting it from the breakout point.

For the Shiba Inu token, this calculation suggests a price target of around $0.0000262, a 50% spike from the current price level.

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