Shiba Inu (SHIB) is yet to wriggle away from its bearish slumps in recent times, but the meme coin is displaying a promising signal that might underscore its bullish performance moving forward. At the time of writing, SHIB is still changing hands at a price of $0.000006801, down by 0.31% over the past 24 hours.
Despite the encompassing slump, as showcased in its trading volume, which is down by more than 8%, the chances of a breakout are high in the mid-to-long term.
A look at the SHIB/USD price chart on the 4H timeframe shows that a rare descending triangle has been formed. While this pattern is a precursor to a potential slump, the current positioning of the chart knocking at the hypotenuse of the triangle is lending a rare narrative to what is possible at this time.
A breakout beyond the hypotenuse could spark a rally that might be pivotal for the growth of Shiba Inu in the mid-to-long term. The token already has a very stiff drawdown, and with the sell-off, we might start seeing a change in trend through gradual but consistent accumulations.
Shiba Inu primed for growth
Shiba Inu is a token of interest for both retail and institutional buyers in the industry today. There is a confluence of intriguing factors that have positioned Shiba Inu for growth in both the short and long terms.
In the short term, the growing whale activity and deflationary positioning of the token have placed it on the map for other potential buyers.
The long-term growth thesis is based on the Shibarium promise and the projection that more decentralized applications (dApps) will make their way into the Layer-2 platform and attract new users that will generally create additional demand for the SHIB token.