A longer term analysis shows that Shiba Inu could soon come to life and rise significantly in the coming months, given the recent price accumulation.
Shiba Inu quickly recovered from a downward price trend on Thursday. The prominent meme coin corrected by 3.17% yesterday, but offset the retracement with a rise of over 9% today.
However, the dog-themed meme coin still lags behind the broader market in terms of price performance. As a reminder, SHIB has only appreciated 8% over the past seven days, while other high-caliber assets like XRP And Dogecoin increased by 43% and 18% during the same period.
Meanwhile, recent analysis indicates a big pump is coming. A notable market speculator says an explosive rally is imminent and gives a timetable for when it will happen.
Chronology of distribution by area
TradingView Analyst SimpleTrader2018 identified strong price compression in the monthly Shiba Inu chart. According to an attached chart, the meme coin has maintained a trend within a symmetrical structure for six months.
The base of the triangle stems from the August 2024 SHIB low of $0.00001083. Shiba Inu recovered from the bearish momentum, reaching the peak after its short rise to $0.00003341 in December.
Meanwhile, the analyst noted that Shiba Inu would see substantial upside if it regains bullish momentum. He suggested that the massive rise would follow the token’s breakout in one or two monthly candlesticks.
Shiba Inu at $0.00023?
Additionally, CryptoELITE analyst made an ambitious call to confirm the bullish momentum in the Shiba Inu price chart. In a Thursday analysisThe market commentator noted that SHIB’s technicals look positive, saying the meme coin will aim for a tenfold increase if the bullish price action persists.
Meanwhile, he based his 10x resurgence forecast on a breakout of a symmetrical triangle. An attached chart shows that Shiba Inu formed the pattern after its surge to $0.00004567 in March 2024 and continued to consolidate within the structure.
CryptoELITE claimed that Shiba Inu would rise 850% above its current price. record level at $0.00023 upon breakout. He also suggested the explosion would happen “very soon.”
Interestingly, another analyst predicted a similar price rise. Market expert Alan Santana set an increase to $0.00023 as a target for Shiba Inu during the bull run, noting that it would happen this year.
Meanwhile, SHIB is trading at $0.00002413, up almost 10% today.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.