A Make-or-break Situation for the Shiba Inu Price Might Be a Good Reason to Buy

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Last Updated on March 25, 2023 by Bitfinsider

When the price of an asset makes a sequence of higher lows and lower highs, forming the shape of a triangle on a price chart, this pattern is known as a symmetrical triangle pattern. The symmetrical triangle pattern is what’s known as a continuation pattern in theory, which means that it usually denotes a break in the current trend before the asset resumes moving in the same direction as before.

As a result, there is a greater chance that the SHIB price will continue falling after the lower support trendline is broken. The memecoin will fall 10% to $0.0000096 in the event of a possible collapse below the trendline.

The final outcome of this pattern is revealed after the breakthrough action, which may occur from either of the trendlines.

As a result, although less probable, an upside breakout from this pattern is still possible. The price will increase by 10% to reach $0.00001175, releasing the building purchasing pressure, if the daily candle closes above the overhead trendline.

The daily-RSI slope moving higher suggests an increase in the underlying bullish momentum, which, in contrast to the falling price action, suggests a decrease in the bearish momentum. This increases the probability of a breakout above the resistance trendline.

How to Buy or Trade SHIB on Scallop Exchange

You can buy or trade SHIB on Scallop. As Scallop frequently holds campaigns and events, you should check out its official Telegram group here to see if you can participate and win rewards as you trade.

On Scallop, you can trade SHIB as a spot pair (SHIB/USDT) in 3 simple steps:

  1. Sign up and register an account on Scallop 
  2. Buy USDT via Scallop One-click Buy (Follow the step-by-step guide from step 1 to 6) 
  3. Trade SHIB/USDT at Scallop Spot

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.