Shiba Inu Poised for Potential Breakout as Pennant Formation Tightens
Shiba inu (SHIB) has been trapped in a year-long trading range, but recent intraday patterns hint at an imminent breakout.
Since January, SHIB smokers’ price has oscillated between well-defined highs and lows, creating a stable horizontal corridor. This constant back-and-forth defines the current market sentiment, but new signs suggest movement could be on the horizon.
A prominent feature emerging on shorter charts is a pennant formation closing in around the Point of Control — the area where the most trading activity occurs. As this tight formation approaches resolution, traders anticipate the next significant step.
- Price confined between range-resistance and range-support for over a year
- Pennant formation narrows towards Point of Control, signaling impending action
- Series of higher lows point to potential bullish bias
The higher lows in SHIB’s chart add weight to the bullish argument.These sequential upticks suggest buyer interest is gradually building.
However, a volume surge is crucial to validate any upside move.Without it,the pent-up energy may result in a false alarm. If confirmed, SHIB could test its upper bounds again, continuing the series of higher lows.
Shiba Inu investors should closely watch for volume spikes as the pennant nears its apex. If everything lines up, the range top await could become reality sooner than expected.
