Shiba Inu Price Patterns Show Signs of Historical Repetition
Recent technical evaluations on TradingView indicate that the price trajectory of Shiba Inu might be reflecting a familiar trend observed last year, hinting at the possibility of a repeat occurrence. An analyst conducted a detailed review of Shiba Inu’s price chart from November 2024 to the present, identifying a series of patterns that resemble those seen between March and November 2024, which were precursors to a significant price increase. The analysis suggests a potential path toward a price rally that could see Shiba Inu reach $0.00003 if these patterns continue to materialize.
Technical Analysis Indicates Potential for Significant Price Increase
The analysis is rooted in the belief that cryptocurrency markets are cyclical in nature, often demonstrating repeated behaviors, crowd psychology, and recognizable chart patterns. The analyst utilized four specific stages of pattern development observed on Shiba Inu’s daily candlestick chart. Initially, the analyst pointed out the conclusion of a falling wedge pattern within SHIB’s price movements, a traditional bullish reversal indicator. This structure had previously manifested between March and September 2024, serving as a precursor to a breakout that followed in the weeks thereafter.
Chart Developments Point Toward a Positive Trend
Currently, Shiba Inu appears to have surpassed the initial wedge phase and is transitioning into the second stage, identified as a cup-and-handle pattern. This pattern, which has recently been confirmed, parallels the formation exhibited by the meme coin in August 2024, where a brief consolidation phase ultimately led to an upward movement. The analyst suggests that the chart is now on the verge of entering what is termed “Stage 3,” where a W-shaped formation may materialize. Historically, this pattern coincided with a significant uptrend in September 2024, during which Shiba Inu experienced a multi-week price rally.
Potential Breakout on the Horizon
While the repetition of these patterns is not guaranteed, the analyst’s examination of current and previous formations provides an intriguing narrative for bullish investors. Should the final stage unfold as predicted, Shiba Inu may soon develop an inverted head-and-shoulders pattern, regarded as one of the most robust bullish reversal indicators in technical analysis. This pattern was last observed in stage 4, right before a price surge that elevated Shiba Inu above $0.00003 in December 2024. Following this four-stage pattern, the trader anticipates a substantial rally of 91%, potentially driving SHIB to $0.0000335.
Current Trading Conditions for Shiba Inu
As of the latest update, Shiba Inu is trading at $0.00001340, indicating that the token is still in the early stages of the anticipated pattern sequence. However, the short-term performance of Shiba Inu has shown signs of weakness recently. Over the past 24 hours, the token has declined by 7.3%, losing momentum after a brief rally that had pushed it above the 100-day moving average, which it had only reclaimed a week ago. This drop has resulted in Shiba Inu retesting that moving average, which may either serve as a launching pad for the next upward movement or could be breached, leading to further declines.
