Shiba Inu Price Analysis: Patterns Indicate Potential Surge
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Potential for a Shiba Inu Price Upswing: Technical Analysis
A recent technical analysis on TradingView reveals that Shiba Inu’s price trajectory might be mirroring a pattern from earlier last year, suggesting the possibility of a historic repeat. The analyst evaluated Shiba Inu’s performance from November 2024 to the present, identifying a series of patterns that also appeared between March and November 2024, which were followed by a considerable price rally.
Pattern Analysis Indicates Possible Significant Price Increase
The analysis proposes that if Shiba Inu continues to follow these patterns, it could experience a significant price rise, potentially reaching the $0.00003 mark. This prediction is based on the cyclical nature of cryptocurrency markets, characterized by repetitive behaviors, crowd psychology, and identifiable chart patterns.
Falling Wedge and Cup-and-Handle Patterns
The analysis starts by highlighting a falling wedge pattern, a classic bullish reversal setup, on Shiba Inu’s daily candlestick chart. This pattern, which occurred between March and September 2024, preceded a notable breakout. Currently, Shiba Inu seems to have moved beyond this initial stage, entering the second stage characterized by a cup-and-handle pattern. This pattern was recently confirmed and resembles the formation from August 2024, which led to an upward surge.
Emergence of a W-Shaped Formation
In the next phase, referred to as “Stage 3,” the analyst anticipates a W-shaped formation. Historically, this pattern was associated with a strong uptrend in September 2024, during which SHIB experienced a multi-week rally.
Anticipating a Breakout
While the repetition of patterns is never guaranteed, the analyst’s comparison of current and historical formations provides an intriguing perspective for optimistic traders. If the final stage unfolds as expected, Shiba Inu could form an inverted head-and-shoulders pattern, a powerful bullish reversal indicator. The last appearance of this pattern, as Stage 4, occurred just before a rally that pushed Shiba Inu’s price above $0.00003 in December 2024.
Projected Price Rally
According to this four-stage progression, the trader forecasts a 91% rally, potentially driving SHIB to $0.0000335. At present, SHIB is trading at $0.00001340, indicating that the token is still in the early stages of this expected pattern sequence. However, Shiba Inu’s recent performance has shown some vulnerability. Over the past 24 hours, the token has declined by 7.3%, falling back after briefly surpassing the 100-day moving average it had recently reclaimed. This decline places Shiba Inu at a critical juncture, where it could either rebound or face further breakdown.
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