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Shiba Inu (SHIB) Symmetrical Triangle Is Here, Here's What Might Happen

Thu, 08/31/2023 - 12:55
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Arman Shirinyan
Shiba Inu could be on verge of breakthrough if this symmetrical triangle plays out
Shiba Inu (SHIB) Symmetrical Triangle Is Here, Here's What Might Happen
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The Shiba Inu (SHIB) token has been drawing attention lately, not just for its meme status but also for a technical pattern forming on its price chart — a symmetrical triangle. This pattern is often considered a continuation pattern, meaning it usually signals the direction the asset will take following a period of consolidation.

What is a symmetrical triangle?

A symmetrical triangle is a chart pattern that looks like a triangle, where the price moves within two converging trendlines. This pattern can break out in either direction — upward or downward — and is generally considered to be a period of market indecision. The breakout direction often indicates likely future price movement.

Shiba Inu chart
Source: TradingView

As of the latest data, Shiba Inu is trading at approximately $0.00000818. The asset has been moving within the confines of a symmetrical triangle, and traders are keenly watching for a breakout.

For Shiba Inu, this symmetrical triangle could be a defining moment. The pattern usually suggests that the asset will continue in the direction it was going before entering the triangle. Given that Shiba Inu has had a mixed performance recently, a breakout could signal a strong move in either direction.

Burn rate surges by 150%

Adding fuel to the speculative fire is the recent 150% surge in the Shiba Inu token burn rate. A higher burn rate generally makes an asset scarcer, which can drive up demand and potentially raise the price. This could act as a catalyst for SHIB as it approaches the apex of its symmetrical triangle.

SHIB Army Burns Millions of Shiba Inu, Pushing Burn Rate High into Green

While the symmetrical triangle is not a guaranteed indicator of future price action, it does provide traders with a framework for potential outcomes. Given the current market conditions and the surge in the burn rate, a bullish breakout is within the realm of possibility.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.