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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Shiba Inu (SHIB) Breakout Fails, But A Huge Rally Is Still Possible

Jake Simmons
Jake Simmons
2 years ago
2 mins read
Shiba Inu SHIB

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While another breakout attempt for Shiba Inu (SHIB) from the current consolidation pattern failed with yesterday’s daily close on the 1-day chart, the price is still in prime position to complete a breakout by the end of April. As NewsBTC first reported last week, the SHIB price has formed an ascending triangle on the 1-day chart ever since March 10.

The ascending triangle is one of the consolidation patterns, which signals that the previous trend direction will resume when the pattern finds its confirmation. The Shiba Inu price is currently showing strong signs that the consolidation phase is about to end, while the upward trend that started in January may resume.

Shiba Inu Price Primed For Another Breakout Attempt?

A look at the 1-day chart shows that despite a strong start to the day, Shiba Inu failed to close above the $0.00001151 resistance line yesterday. Towards the end of the day, SHIB ran out of steam, in line with the Bitcoin price pullback.

Shiba Inu price
Shiba Inu price, 1-day chart l Source: SHIBUSD on Tradingview.com

This caused the SHIB price to fall once again into the ascending triangle pattern. As NewsBTC discussed, high trading volume is required for a clean breakout. If the breakout takes place on low volume, as it did yesterday, it is usually a false signal.

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At the time of writing, SHIB was trading at $0.00001153, starting yet another breakout attempt. Shiba Inu investors should look out for a significant increase in volume for confirmation of the move.

If SHIB can close above the $0.00001151 resistance today and turn it into support, it could mean that the local high at $0.00001591 from early February is the next likely price target (+38%). At this level, more selling pressure can be expected in the short term.

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Shiba Inu Price Set For Breakout From Bull Pattern In April

2 years ago

However, if this price level is also broken, the higher high would fully confirm Shiba Inu’s uptrend. After a two-month consolidation, a rise of more than 55% to the local high of August 14, 2022 at $0.00001787 would thus be a second target price.

Altcoin Season May Boost SHIB

The decisive push above the resistance line could be provided by an altcoin season, which according to some experts is just around the corner. Glassnode co-founders Jan Happel and Yann Allemann write in their latest newsletter:

Currently, altcoins are exposed to bitcoin pull-backs – like the one we saw today – given its dominance according to the Altcoin Cycle Signal. The tides are shifting toward ethereum.

Accordingly, the typical shift from Bitcoin to Ethereum to altcoins like Shiba Inu could be imminent. As analyst Scott Melker recently discussed, the Bitcoin Dominance (BTC.D) is at the upper end of a multi-year range. The last few days have already seen the first drop in BTC.D, which could mark the beginning of an altcoin season.

Beautiful. https://t.co/4Q8CtGxquL pic.twitter.com/gFRGfzXAPJ

— The Wolf Of All Streets (@scottmelker) April 14, 2023

Featured image from Binance Academy, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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