- Shiba Inu is recovering, up 9% today, but lagging XRP and Dogecoin last week.
- Analysts predict a breakout of a symmetrical triangle formation, potentially pushing SHIB to $0.00023.
- Crypto experts are convinced that a significant increase is imminent, and they predict that a breakout will occur soon.
Shiba Inu (SHIB), the meme coin often overshadowed by larger assets like XRP and Dogecoin, is showing promising signs of a potential price rally. Over the past few days, SHIB has shown impressive resilience, quickly recovering from a slight 3.17% correction on Thursday. Today, it rebounded with an impressive 9% rise, bringing its price down to $0.00002413.
Despite the recent recovery, Shiba Inu is lagging behind the broader cryptocurrency market. Over the past week, SHIB price has only increased 8%, while XRP has surged 43% and Dogecoin has gained 18%. However, market analysts are closely monitoring Shiba Inu for signs of a bigger move.
A closer look at SHIB’s chart reveals a compelling trend that signals a potential breakout. According to renowned TradingView analyst SimpleTrader2018, Shiba Inu is currently in a symmetrical triangle formation on its monthly chart. This squeeze phase, which lasted approximately six months, began after SHIB reached a low of $0.00001083 in August 2024. Since then, SHIB has consolidated, briefly peaking at $0.00003341 in December before return to a narrower range.
SimpleTrader2018 suggests that once SHIB breaks out of this structure, it will likely experience a substantial rally within the next month or two. The analyst is confident that the dynamics are changing and SHIB could soon regain its bullish energy.
$0.00023 Shiba Inu Goal
Other analysts share similarly bullish outlooks for SHIB. CryptoELITE, a market commentator, pointed out that the technical characteristics of Shiba Inu are favorable for an explosive surge. According to his analysis, SHIB could see a tenfold increase, targeting a price of $0.00023 after a breakout. This prediction is based on the meme coin forming a symmetrical triangle, dating back to March 2024, when SHIB briefly reached $0.00004567.
Supporting this view, market expert Alan Santana also set a price target of $0.00023 for the Shiba Inu, suggesting that this rally will take place over the course of this year. Both analysts believe that Shiba Inu the breakout is imminent, with significant upside potential for those closely monitoring the coin.
Shiba Inu has seen healthy price accumulation, signaling that it may be on the verge of a breakout. With analysts predicting an explosive rise to $0.00023, the coming months could be crucial for SHIB holders. While the price remains stable today with a 9% gain, all eyes are on its next move in the broader market.