Why Shiba Inu Price Could Explode 100% With This Descending Pattern On The 2D Chart

Shiba Inu has spent the past several days trading in a downward path after a failed breakout attempt above $0.000015 earlier this ￰0￱ the cautious sentiment among investors, Shiba Inu’s chart structure on the 2-day candlestick timeframe is pointing to an interesting ￰1￱ Reading: Shiba Inu Completes Bullish Setup: Why A 138% Climb Could Be In The Works A technical analysis by crypto analyst Jonathan Carter highlights a descending triangle formation that could set the stage for a strong bullish ￰2￱ setup suggests that if support holds, SHIB could be preparing for a sharp rally in the coming ￰3￱ Inu’s Descending Triangle Formation Technical analysis of the Shiba Inu price chart on the 2-day candlestick timeframe shows the meme coin locked inside a descending triangle pattern with lower highs pressed against a descending resistance line and repeated retests of a support zone around $0.00001080 ￰4￱ level has acted as the most important Shiba Inu price floor since the beginning of the year, although buyers have been stepping in more around $0.000012 since August to defend ￰5￱ descending triangle formation is starting to tighten, creating a pressure that often precedes an explosive ￰6￱ has led to a tilt toward the bullish scenario of Shiba Inu breaking above the upper trendline of the triangle.

However, this depends on whether it can bounce at the support ￰7￱ the support continues to hold, this pattern could be the springboard for a push to a bullish ￰8￱ Price Could Explode 100% As it stands, the Shiba Inu price is currently on a steady upward push, having rebounded at $0.000012 in the past 24 ￰9￱ is now trading just below the 50-day moving average that it must overcome for bullish ￰10￱ Reading: Shiba Inu Bulls Are Back: Here’s The 512 Billion SHIB Accumulation That Triggered A Spark Jonathan Carter’s analysis outlined several upside targets that could be unlocked once SHIB confirms a breakout from the ￰11￱ chart above shows a path that would take the meme coin directly into higher prices if it breaks above the upper trendline of the descending ￰12￱ first resistance is at $0.00001420, followed by $0.00001600, then $0.00001850, and finally $0.00002050.

A successful rally through these levels would mark an increase of almost 100% from current ￰13￱ bullish momentum might even be enough to position Shiba Inu for a return to the resistance zone around $0.00002460, an area last contested at the beginning of ￰14￱ this scenario to play out, SHIB must continue to defend its established support zone between $0.00001200 and $0.00001224. A breakdown below this base would invalidate the bullish outlook, leaving the meme coin vulnerable to another fall to the deeper support levels around $0.00001080. At the time of writing, Shiba Inu is trading at $0.00001219. As long as buyers are able to maintain this support zone, the descending triangle pattern offers Shiba Inu a credible opportunity for a breakout ￰15￱ image from Adobe Stock, chart from ￰16￱