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Crypto Patel, a prominent market analyst and trader, has identified a Shiba Inu buy price, setting a 57% target gain at the $0.000043 price territory.
Shiba Inu has continued to witness opposition to its push toward the $0.00003 threshold, with the recent resistance stationed at $0.00002864. Despite the latest recovery move engineered by the broader market, SHIB has not recorded any substantial price growth.
Shiba Inu Trades Within Symmetrical Triangle
Amid the market uncertainty, analyst Crypto Patel pointed out that, on the 4-hour chart, SHIB had traded within a symmetrical triangle since the drop from the $0.000045 high on March 5.
#1000SHIB Technical Breakout 🚀
Breakthrough: $SHIB has Broken the symmetrical triangle
Accumulation Zone: Aim to buy in from $0.027 to CMP for potential gains.
Target: 57% Potential With 10% Stop Loss
Risk Management: Set stop loss at $0.02490 to safeguard your investment.… pic.twitter.com/KEhVGp1mIC— Crypto Patel (@CryptoPatel) March 23, 2024
Notably, Shiba Inu first aimed to breach the resistance at the upper trendline when it soared to a high of $0.00003490 on March 14. However, the opposition from the bears was too potent to be breached. As a result, SHIB saw a retracement, eventually dropping to $0.00002380 on March 16.
Data from the chart indicates that Shiba Inu successfully recorded a breakout from the trendline resistance on March 23. As a result of this bullish turn of events, the analyst identified $0.00002700 to $0.00002817, the current market price (CMP) at the time, as a possible entry price range for traders looking to go long on SHIB.
A 57% Target Increase
In addition, Crypto Patel highlighted the price range between $0.00002610 and $0.00002796 as the support level for Shiba Inu, prompting investors to keep an eye on this range. However, the crypto analyst noted that a possible stop loss could be set at the March 22 low of $0.00002583.
Crypto Patel sees this recent breakout as the catalyst Shiba Inu needs for more substantial price gains. Data from the accompanying chart shows he expects the crypto asset to breach the elusive $0.00003 area to greater heights, setting up his first take profit target at $0.00003578.
Ultimately, the analyst believes Shiba Inu would surge above this first target, potentially soaring to $0.000043738. He set this price as the second target, essentially anticipating a 57.13% increase in SHIB’s price.
However, SHIB has consolidated since Crypto Patel sent out his signals, looking for an opportunity to break above the $0.00003 zone. Shiba Inu currently changes hands at $0.00002773, trading flat over the past 24 hours despite Bitcoin (BTC) recording a 4% increase within the same period.
In addition, Ethereum (ETH) and Solana (SOL) are respectively up 3.96% and 7.76%. Nonetheless, it bears mentioning that this pattern occurred earlier in the bull run, before SHIB eventually outperformed the rest of the market to clinch the $0.000045 high.