Shiba Inu’s market projects a short-term burst to the upside after forming a symmetrical triangle on the hourly time frame. If timed correctly, investors can grab a quick 14.5% profit before a larger downtrend takes over. At the time of writing, SHIB traded at $0.00002082, up by 8% over the last 24 hours.
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Shiba Inu Hourly Time Frame
A series of lower highs and higher lows outline a symmetrical triangle on SHIB’s hourly time frame. Even though the pattern carries an equal chance of a breakout in either direction, SHIB’s indicators sided with the bulls.
For one, SHIB’s hourly Awesome Oscillator formed two higher peaks below its half-line. The setup commonly referred to as a ‘bullish twin peak’, often indicates a momentum switch to the bullish side. Secondly, the hourly MACD recently defended a bearish crossover – a sign that buyers were outweighing sellers over the past few sessions. Finally, the daily RSI (not shown) held close to an oversold reading. An RSI reading below 30 (oversold) usually allures traders who hunt for price discounts before setting up buy orders.
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Those trading SHIB’s triangle can place buy orders above an earlier swing high of $0.00002148 and set take-profits at $0.00002478. The aforementioned region clashed with the hourly 200-SMA (green), 4-hour 50-SMA (not shown), and daily 200-SMA (not shown) and the same would likely cap any more upside. Once the target is met, expect SHIB to retrace towards $0.00001522-$0.00001212 until the next broader market rally takes place.
To invalidate a bullish outlook, sellers would need to flip the hourly 20-SMA (red) to bearish and then target a close below SHIB’s swing low at $0.00001872. A breakdown could result in losses anywhere between 8%-17%.
Conclusion
Shiba Inu’s symmetrical triangle was expected to trigger a brief run-up to $0.00002478 before sellers tighten the market noose once again. Those wishing to trade SHIB’s triangle should keep a close eye on the abovementioned levels while setting up their trades.