The Shiba Inu (SHIB) price is approaching the resistance line of a bullish short-term pattern. A breakout could follow soon.
Shiba Inu is the governance token of the Shiba ecosystem. It is an ERC-20 token. When looking at the six-hour timeframe, it seems likely that the price of the SHIB token will experience a breakout and continue its upward trend. This is due to the formation of an ascending triangle pattern, which is generally considered a bullish signal.
The Shiba Inu coin price bounced at the patterns support line on April 12, creating a long lower wick. This is considered a sign of buying pressure. If the price closes above the resistance level of $0.0000115, it will confirm the breakout and a potential upward movement that could take it to $0.0000134. This could potentially occur in the next 24 hours.
The target is found by the 0.618 Fib retracement resistance level and by projecting the triangle’s height to the breakout…
