Peter Smith
Shiba Inu has been quietly building momentum while consolidating in a tight trading range over recent weeks. This period of sideways movement has caught the attention of technical analysts who see the formation of a classic triangle pattern - a setup that often signals significant price movements are on the horizon. As SHIB approaches a critical decision point, traders are positioning for what could be the next major move in the popular meme coin.
SHIB Price Consolidates Ahead of Potential Breakout
Shiba Inu has been trading sideways for weeks, forming a symmetrical triangle pattern on the daily chart. These formations usually come before big price moves, as the market builds up pressure while buyers and sellers battle it out. Right now, SHIB is sitting around $0.00001239, staying relatively stable despite the broader crypto market's ups and downs.
Crypto trader @_cryptozee recently posted a chart showing this setup, pointing out that the consolidation phase is almost over. His analysis suggests that once SHIB breaks above the resistance line, we could see a strong rally with $0.00001750 as the next major target.
The technical picture looks promising, with SHIB potentially ready for a 40%+ jump from current prices if the momentum picks up. Breaking above the triangle's upper line would likely bring in more buyers, pushing SHIB toward that $0.00001750 target pretty quickly.
This target makes sense when you look at SHIB's history - the token has a habit of making sharp, explosive moves after long periods of sideways trading. As the triangle pattern gets tighter, there's less room for sideways movement, making a breakout more likely.
SHIB Price Outlook: Support to Watch
While the setup looks bullish, traders know that breakouts can sometimes fail. For SHIB to keep climbing, it needs to stay above the key support zone between $0.00001200 and $0.00001150. If it drops below this area, the bullish scenario would be off the table and SHIB could head lower instead.
On the positive side, Shiba Inu has some good things going for it. The Shibarium network is gaining users, the community keeps burning SHIB tokens, and the fanbase remains super active. All of these factors support the bullish case.
The plan is simple: the consolidation is wrapping up, a breakout looks increasingly likely, and $0.00001750 is the main target to watch.
Peter Smith
