2024-04-02
Cryptocurrency market is currently going through a period of consolidation, with prices attempting to recover from previous turbulence. Within this market, Shiba Inu, a popular digital currency, is showing signs of bullish momentum as it prepares to surpass key resistance levels and reclaim its peak from last month at $0.000045.
Prominent market analyst Captain Faibik believes that Shiba Inu's upcoming recovery campaign could be even more significant than anticipated. Through careful analysis of data from a 6-hour chart, Faibik has confirmed that SHIB is currently trading within a symmetrical triangle formation.
A symmetrical triangle formation occurs when an asset's trendlines converge, connecting a series of lower highs and higher lows. This pattern indicates a period of consolidation, where the price fluctuates within narrowing levels, reflecting market indecision.
Following its decline from the high of $0.000045 on March 5, Shiba Inu has remained within this triangle, encountering resistance whenever attempting to break out. The asset has found strong support from the bulls at $0.00002366, preventing it from dropping below the lower trendline on March 20.
Conversely, when Shiba Inu attempted to surpass the upper trendline and reached the $0.000034 level on March 28, the bears fiercely resisted, causing the asset to retreat from its high of $0.00003285. Captain Faibik expects SHIB to continue consolidating within the triangle for a few more days.
However, after this consolidation phase, Faibik predicts that Shiba Inu will break above the upper trendline. Based on his analysis, the asset's trajectory suggests a surge towards reclaiming the $0.000044 territory, followed by an eventual correction leading to a drop towards $0.000034.
Nonetheless, Faibik outlines a recovery path that could potentially propel SHIB to reach a high of $0.000058. This would represent a significant 90.7% increase from Shiba Inu's price at $0.00003041 during the time of the analysis. It's important to note that SHIB last reached the $0.000058 territory during the previous bull run in November 2021.
Since Faibik's analysis, SHIB has experienced a retracement of some of its recent gains, dipping below $0.00003 as it enters April on a bearish note.
The asset has witnessed a 6.15% decline this month, aligning with the broader market trend as Bitcoin (BTC) and Ethereum (ETH) also record significant losses.
