- Shiba Inu price spikes 27% but fails to attract emotion and commitment from investors.
- SHIB price contraction leads to price expansion after the fifth inside day in nine trading days.
- Bias remains higher unless $0.00000727 folds.
Shiba Inu price stabilization at the apex level of a symmetrical triangle combined with an inside day lifted SHIB higher. Still, gains were short-lived as the meme token has fallen over 8% today. An inability to separate from the doldrums of the broader cryptocurrency markets leaves the Ethereum-based cryptocurrency searching for an organic catalyst to capitalize on the positive message being dictated by the charts.
Shiba Inu price generates new predictions and theories every day
From May 19 until May 24, Shiba Inu price formed a symmetrical triangle pattern with two reaction highs and three reaction lows with a measured move target of $0.00001450, representing a 50%. During the development of the triangle, SHIB close with consecutive inside days.
On May 24, Shiba Inu price executed an impulsive breakout from the symmetrical triangle pattern, generating a 30% gain. Still, SHIB failed to capitalize and quickly fell into a downward drift, highlighted by resistance at the 10-day simple moving average (SMA) and support at the triangle’s upper trend line.
During the May 28-30 period, Shiba Inu price balanced along the apex level of the symmetrical triangle, registering another inside day on May 30. The horizontal price action created a minor inverse head-and-shoulders pattern on the one-hour chart. Yesterday the pattern triggered, carrying SHIB to a gain of 27% at the intra-day high before closing up 18% and above the 10-day SMA, prompting DJ JY to ask, “You see them spikes?”
You see them spikes? #shibainu
— DJ JY (@DJJY) May 31, 2021