Shiba Inu engineered an impulsive break out from a symmetrical triangle pattern level on May 24. SHIB price has since failed to build on the breakout, instead of showing a lack of decisiveness as it drifts lower between the 50 four-hour SMA and symmetrical triangle’s upper trend line.
From May 19 until May 24, SHIB price created a symmetrical triangle pattern level with two reaction highs and three reaction lows and a measured move target of $0.00001450, representing a price gain of 50%.
The May 24 breakout to the SHIB upside was over 30%, clearing the 50 four-hour SMA. The SHIB price breakout has not officially failed at the time of writing, as it balances on the last support level.
Shiba Inu's price rests at the symmetrical triangle’s pattern apex at $0.00000764. If SHIB holds a critical support level and registers a four-hour close above the guiding moving average, the Shiba should rally towards the original measured move target price of $0.00001450. It would be more than an 80% gain from the price at the time of writing.
A new SHIB rally will encounter a resistance level at the May 24 high at $0.00001204, the May 16 low at $0.00001238, and the 23.6% Fibonacci retracement level of the decline beginning on May 10 at $0.00001325.
If the cryptocurrency complex resumes the bounce back from the crash lows, fueling FOMO, Shiba Inu's price could reach the 38.2% retracement level at $0.00001793 before a notable pullback.
It is essential to note that Shiba Inu's price has closed with four inside days over the last seven trading days, reflecting a heightened level of indecision among the ranks of Shiba Inu investors. Some of the indecision is a function of the volatility in the broader market and a reluctance to commit to the new but extraordinarily hyped cryptocurrency. Hence, SHIB price may require a compelling catalyst to resolve the lack of decisiveness.
A four-hour close below the apex at a price of $0.00000764 would void the bullish SHIB narrative. A decline below the May 19 low at a price of $0.00000607 would confirm a negative outlook and leave Shiba Inu's price vulnerable to continuing the larger downtrend originating on May 10.
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