SHIB in a symmetrical triangle pattern, is the price trampoline about to explode?
SHIB has been looking quite bullish lately, as if it is preparing a big move to rebound. However, if you look at the technical indicators, you will find that they are not in line with this upward momentum.
Despite the constant market fluctuations, SHIB has been rising steadily in the past week and month. Take the past 24 hours as an example. It has risen by 2.67%, which is quite in line with the overall market trend.
However, the future of SHIB is still unknown. Whether it can continue to rise or consolidate its current gains is unknown.
SHIB is now in a symmetrical triangle pattern, and the price is like playing on a trampoline between two lines that are getting closer and closer, which means that the price may suddenly rise sharply.
Many traders are quietly buying SHIB, betting that this breakout will bring a big rise. They think that if they buy more now and wait for the price to rise, they can make more money.
However, while everyone is waiting for the breakout, the technical indicators suggest that this rebound may come later. For example, the Parabolic SAR puts a dot on the SHIB price, as if to say that the price may fall. And the RSI, which is also a bearish signal.
Now that the RSI is going down, the price is also falling. If this momentum continues, SHIB may fall a little more until it finds new buyers and the price may rise again.
Despite some bearish indicators, there are still many people in the market who think SHIB will rise. Although SHIB may fall a little, it is still very likely to break out of this pattern.
Looking at trading activity again, SHIB's open interest has increased by 15.60% to $53.58 million. This shows that many people are opening long positions, that is, betting that the price will rise.
Moreover, short traders who bet that SHIB will fall sharply have lost $3.4972 million in the past 24 hours. With more and more open contracts and short-term liquidations exceeding long-term liquidations, SHIB seems to be getting closer to breaking out of the current stage, and there may be a wave of gains in the short term.
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