Shiba Inu, the self-proclaimed “Dogecoin Killer,” has captivated the crypto community with its meme-fueled price swings and fervent fanbase. However, despite recent market rallies, the token has struggled to reclaim its 12-month high.
While Shiba Inu (SHIB) has danced around the crucial $0.00001 mark for weeks, failing to maintain its footing, a recent analysis suggests a bullish reversal might be on the horizon.
A prominent trader, known as “SHIB KNIGHT,” has identified a technical pattern hinting at a breakout that could propel the token towards its 12-month high of $0.000014.
$SHIB 1WEEK Chart:
Breakout target is 1400. Breakout should be confirmed, it's still moving in pattern rn. pic.twitter.com/IId3C9SRCm
— $SHIB KNIGHT (@army_shiba) February 22, 2024
A Symmetrical Triangle Emerges
SHIB KNIGHT’s analysis focuses on a “symmetrical triangle” forming on Shiba Inu’s weekly chart. This technical pattern typically indicates the exhaustion of a downtrend, suggesting a potential price reversal. If the token successfully breaks above the triangle’s resistance level, it could trigger a significant upward movement.
The trader targets a 51.4% rally, pushing the price to $0.000014. This aligns with the token’s 12-month high reached in February 2023, raising hopes for a return to past glory. However, SHIB KNIGHT acknowledges that the breakout signal is still evolving, urging caution and further observation.
Analyst Sees Similar Trajectory
Interestingly, another prominent analyst, Ali Martinez, had previously predicted a similar price target of $0.000014 for Shiba Inu (SHIB) in December 2023. His forecast hinged on the token attaining a decisive weekly close above $0.000011, which ultimately did not materialize. However, he envisioned a potential pullback to $0.000008 before the bullish surge, which Shiba Inu briefly touched recently.
While the analysts’ predictions offer hope, frustration simmers within the Shiba Inu community. The extended wait for the anticipated breakout has left many feeling impatient. They express concerns about the volatility of bullish signals and the token’s seemingly stagnant price action.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Uncertain Path, But Hope Persists
Whether Shiba Inu will surpass its 12-month high or retrace further remains an open question. The token’s future trajectory hinges on various factors, including broader market trends, community sentiment, and potential developments within the Shiba Inu ecosystem. While the wait may be frustrating, the possibility of a significant price surge keeps hope alive for analysts and dedicated community members.
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