An analyst suggests Shiba Inu is now forming a bullish pattern, predicting a potential rise of $0.000040.
Shiba Inu may be on the brink of a significant bullish breakout, as an analyst highlights that the token is currently forming a bullish pattern with the potential for a 35% price increase.
This week has been eventful for Shiba Inu, the second-largest meme coin by market capitalization.
It began on a positive note following a price surge on December 1, but faced a slight correction after hitting resistance on Sunday.
The price then attempted to retest a nine-month resistance level at $0.00003300.
However, following a second rejection from this supply zone, the token has dropped by 11.2%, currently trading at around $0.00002968.
Despite the broader market’s downward trend, the outlook for Shiba Inu remains optimistic.
Analyst Shib Knight has pointed out that the token’s price chart continues to exhibit bullish characteristics.
He noted that Shiba Inu is filling a bullish pattern, suggesting that a breakout is on the horizon.
In his analysis, Shib Knight indicated that the SHIB/USDT chart resembles an ascending triangle, which is becoming increasingly narrow at the top.
He believes that as the pattern fills, Shiba Inu could see a surge of approximately 28.92%, potentially reaching $0.000040.
Further supporting this bullish sentiment, analyst Guru Asymmetric shared his insights on a multi-month descending triangle forming on the weekly chart.
This pattern traces back to its all-time high in 2021, indicating that an imminent breakout could lead to substantial price gains.
He speculated that if Shiba Inu successfully breaks through the resistance at $0.000033, it might soar to $0.00007593, with interim targets at $0.00003567, $0.00004244, and $0.00005105 along the way.
A price increase of this magnitude would represent a staggering 156% rise from the current market price.
As of now, Shiba Inu is experiencing a slight decline of over 5% in the past 24 hours, but the technical indicators suggest that a rally could be just around the corner.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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