Shiba Inu (SHIB) enthusiasts are keeping a close eye on the coin’s price movements as it approaches a critical point on the last day of August. Recent indications from the market suggest that there may be a chance for a breakout, signaling an impending change in direction.
The ongoing consolidation phase is taking the form of a symmetrical triangle pattern. This pattern, characterized by two converging trendlines, points to a period of uncertainty in the market, often followed by a significant price movement.
On August 29, a sharp increase in Bitcoin’s price triggered a chain reaction across the entire cryptocurrency market, resulting in a 2.8% rise in the value of Shiba Inu. This move aimed to break the coin free from its protracted consolidation phase.
However, the rally encountered resistance near the $0.00000845 mark, forcing the meme coin back within the confines of the triangle pattern. According to the latest data, the SHIB price is currently at $0.00000816, with a 1.0% decline in the last 24 hours and a 2.0% loss in the last seven days.
The triangle pattern on the Shiba Inu charts is revealing a recurring technical formation in the world of trading. This signals a phase of indecision among investors as the price fluctuates within the converging trendlines.
This phase is often followed by a breakout, where the price moves beyond one of the trendlines with significant momentum, indicating the potential emergence of a new trend.
Amidst the price considerations, Shiba Inu enthusiasts have found reason to rejoice with the relaunch of Shibarium, the layer-2 blockchain associated with the SHIB ecosystem. Just days after its official reactivation, Shibarium is already making significant strides, generating excitement within the SHIB community and sparking anticipation of a potential increase in SHIB value.
In a tweet, Lucie, a prominent personality on the Shiba Inu team, predicts that the impact of Shibarium will become evident in the next eight to twelve months. Lucie sheds light on the details and emphasizes how Shibarium’s features will help reduce the circulation of SHIB tokens.
As SHIB clings to the edge of the symmetrical triangle, traders and enthusiasts alike are preparing for the upcoming breakout. The crypto community’s attention is focused on the emerging trendlines, waiting to see if the price dynamics gain enough strength to reach $0.00001.
(Disclaimer: The content of this article is not to be construed as investment advice. Investing carries risks, and your capital is at risk.)
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