Shiba Inu (CRYPTO:SHIB ) was up about 1.2% in the 24-hour trading session on Thursday, followed by Dogecoin (CRYPTO:DOGE ), which was up 4%.
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The Shiba Inu attempted a bullish breakout on Wednesday with momentum above its daily level, but was held back by the upper descending trend line of the main triangle pattern that the cryptocurrency has been trading since February 6.
A symmetrical triangle pattern occurs when a stock makes a series of lower highs and higher lows between a downtrend line and an uptrend line, and the two meet on the right side of the chart to form a rally. This pattern shows that bulls and bears are equally dominant.
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Symmetrical triangles often form when volume is below average and indicates low volatility, indicating consolidation. A sharp increase in volume is often followed by a decrease in volume when the stock breaks or breaks out of the pattern, which should happen before the stock reaches the top of the triangle.
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Shiba Inu Chart: Within the Great Shiba Inu Triangle, cryptocurrencies have been trading at short-term highs and lows, but have recently turned to lower highs and lower lows. The Shiba Inu is expected to reach the top of its triangle on April 18, and traders and investors can rest assured that the triangle is punctuated by a break or decline of the cryptocurrency's above-average volume pattern.
If the Shiva Inu triangle breaks to the upside, the cryptocurrency should reclaim the 50-day simple moving average (SMA) as support, giving bullish traders more confidence in the future. An upside break of the pattern could indicate a long term reversal from the upside. Bearish traders want the Shiba Inu to break out of this pattern, which could put the cryptocurrency at risk of missing the 200-day simple moving average as support, which could indicate a long-term downtrend. The Shiba Inu has supports above $0.00001178 and $0.00001259 and under $0.00001081 and $0.00000975.
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This Shiba Inu article attempts to follow Dogecoin higher, but runs into a pattern higher: When will the cryptocurrency peak? It originally appeared on Benzinga.com
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