An analyst has pointed out that Shiba Inu is currently trading within a triangle pattern, which could set up a 17% move for the memecoin.
4-Hour Price Of Shiba Inu Has Been Consolidating Inside A Triangle Recently
In a new post on X, analyst Ali Martinez has talked about a pattern that has been forming on the 4-hour chart of Shiba Inu recently. The pattern in question is a triangle from technical analysis (TA). This type of channel emerges when the price of an asset observes consolidation between two trendlines that converge at some common point. The upper line of the pattern is likely to be a source of resistance, while the lower one is a source of support.
There are a few different types of triangles in TA, with the most popular ones being the ascending, descending, and symmetrical variations. The arrangement of the trendlines dictates which type of asset the asset is following.
When one of the trendlines is parallel to the time-axis, one of the former two appears. The a
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