<img src=”https://storage.googleapis.com/prod-zenger-upload/image/20230719/feat_22051342-1d8e-4033-bf02-f117e41a48a4.jpg” alt=”mmm mm in mm on Jul 12, 2023, (mm/mm) In this photo illustration a Shiba Inu coin logo seen displayed on a smartphone screen and an Exchange graph on a MacBook screen in Athens, Greece on June 2, 2023. Shiba Inu (CRYPTO: SHIB) was trading mostly sideways during Wednesday’s 24-hour trading session, in tandem with Dogecoin (CRYPTO: DOGE) which was trading flat with an inside bar pattern. PHOTO BY NIKOLAS KOKOVLIS/GETTY IMAGES “>
Shiba Inu (CRYPTO: SHIB) was trading mostly sideways during Wednesday’s 24-hour trading session, in tandem with Dogecoin (CRYPTO: DOGE) which was trading flat with an inside bar pattern.
While Shiba Inu is also trading with an inside bar, the crypto has formed a symmetrical triangle pattern on the 24-hour chart.
A symmetrical triangle pattern is created when a stock forms a series of lower highs and higher lows between a descending and an ascending trend line, which meet on the right side of the chart to form an apex. The pattern indicates that the bulls and bears are equally in control.
A symmetrical triangle is often formed on lower-than-average volume. It demonstrates a decrease in volatility, indicating consolidation. The decreasing volume is often followed by a sharp increase in volume when the stock breaks up or down from the pattern, which should happen before the stock reaches the apex of the triangle.
Shiba Inu started trading in a triangle pattern on June 12, when the crypto started to move higher in a fairly consistent uptrend on larger timeframes.
Shiba Inu is set to meet the apex of the formation on July 29 and traders can watch for the crypto to break up or down from the triangle on higher-than-average volume to indicate future direction.
On Wednesday, Shiba Inu was forming an inside bar pattern, with its trading action taking place within Tuesday’s price range. The pattern is neutral but because Shiba Inu appears to be forming an inverted hammer candlestick, making a break-up from Tuesday’s mother bar is a more likely scenario.
Produced in association with Benzinga
Edited by Saba Fatima and Asad Ali