Shiba Inu Price Consolidation at Triangle Apex Raises Breakout Bets
The Shiba Inu (SHIB) price has been consolidating in a symmetrical triangle on the daily chart since late August, and its direction for the rest of the month could be shaped by this setup.
SHIB is currently sitting near the apex of the triangle, with a Relative Strength Index (RSI) reading of 50.44, just under its moving average of 54.94. This suggests that the price action is still neutral and indecisive.
The Wolfe Wave pattern on the chart projects an upside target near $0.0000067, but if the triangle breaks lower, SHIB could fall to $0.00000495, followed by $0.00000440, or even $0.00000406. The bull, base, and bear scenarios are outlined in the article.
The Shiba Inu price has dropped 5.6% today, with a market capitalization of $3.055B and $79.217M in trading volume over the past 24 hours. LBank is the top futures activity site for SHIB, followed by OKX and MEXC.