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According to several market analysts, Shiba Inu is currently eyeing a crucial breakout on multiple timeframes, with price targets set at $0.000049 and $0.0001.
The recent market downturn has elapsed, with Bitcoin (BTC) leading the latest recovery campaign amid a reclamation of the $72,000 territory. Shiba Inu has also taken advantage of this rebound, looking to recover the losses incurred during the recent downtrend.
Amid this push to recovery, market data confirms that SHIB is eyeing a breakout from its symmetrical triangle on multiple timeframes. This pivotal development, projected by several analysts, could set the stage for a major price rally capable of leading to new yearly highs.
Shiba Inu on 4H Timeframe
Notable market analyst, World of Charts, is one analyst predicting this scenario. In a recent analysis, he identified a symmetrical triangle formed by Shiba Inu in the 4-hour timeframe. SHIB slipped into this triangle following the drop from the $0.000045 yearly peak on March 5.
Shiba Inu’s first and only attempt at breaching the upper trendline of the symmetrical triangle came up on March 28 amid the broader market resurgence, but it faced stern resistance at $0.00003285, leading to steeper declines.
As the latest market-wide rebound starts to take full effect, World of Charts stressed that Shiba Inu wants to push toward breaching this level. Interestingly, SHIB recently achieved this goal when it broke above the $0.000029 threshold to reach a 1-week high of $0.00002954.
With a retest of the trendline now on the horizon, the analyst expects an impressive bullish surge when Shiba Inu completes its retest. Data from an accompanying chart projects a 71% rise to a new yearly peak of $0.00004941.
SHIB Records Breakout on Daily Timeframe
Crypto King, a crypto community figure, shares similar sentiments, calling attention to another symmetrical triangle formed by Shiba Inu on the daily chart. According to him, SHIB also formed this triangle following the drop from $0.000045 on March 5.
The market pundit noted that Shiba Inu is currently in a consolidation phase, dubbing it a project with “OG meme status” that could command a more substantial volume. Data from his chart indicates that he expects SHIB to explode in price once it breaches the upper trendline of the symmetrical triangle.
Market analyst Crypto Sheriff also holds this idea. He highlighted the symmetrical triangle on the daily chart, confirming that Shiba Inu has already broken above the upper trendline. This breach came on the heels of the recent market rebound, which has seen SHIB gain 3% today.
Like the rest of the market commentators, Crypto Sheriff sees Shiba Inu surging to a new yearly high once the uptrend begins. However, his target remains the most ambitious, as he expects a rally to the $0.0001 price territory.
Despite the audacious nature of the $0.0001 target, several pundits believe SHIB can reach it. Shiba Inu lead developer Shytoshi Kusama called a forecast of $0.00012 an underestimate. In addition, crypto influencer Oscar Ramos noted that he is 100% sure SHIB is going to $0.0001.
Michael, another notable crypto analyst, also predicted that Shiba Inu’s fifth Elliott Wave could bring it to $0.0001019. Currently trading for $0.00002911, SHIB would need to rally 243% to reach $0.0001. Given its 180% YTD gain, Shiba Inu has the potential to attain a 243% rise.