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Shiba Inu holders gear up for notable gains, with analysts predicting a W pattern that could propel SHIB price beyond $0.00002.
After months of underperformance, Shiba Inu is now amid a significant bull run, breaking price thresholds not seen in several weeks. At press time, SHIB is hovering around $0.00001716, having surged by over 12% today.
Just yesterday, Shiba Inu traded at $0.00001475 but has since rallied massively to above $0.00001730, a price point last seen nine weeks ago in July. Essentially, Shiba Inu has successfully recovered from the losses it suffered in August and September, during which its price dropped to as low as $0.00001238.
With Shiba Inu now trading at a two-month high, market analysts are speculating its trajectory for the coming days.
Notably, the ongoing bull run in SHIB did not surprise prominent community analyst SHIB Knight. In his analysis on Tuesday, SHIB Knight expressed his expectation of a “W” bullish trajectory for SHIB.
Shiba Inu W Pattern Formation with $0.00002 Price Target
The accompanying chart depicted Shiba Inu’s price action over the past month, illustrating an impending W wave formation. This pattern is characterized by a decline from a monthly high to a bottom point, followed by a brief upward trend and another dip, with the concluding part of the wave now in progress.
SHIB Knight predicts it will complete into a W wave, with potential price points beyond the long-lost $0.00002 region.
At the time of his post, Shiba Inu was around $0.00001456, aiming to conquer an immediate resistance at $0.00001559. SHIB Knight noted that once this resistance is broken, it would open the path to a higher level at $0.00001729.
Remarkably, Shiba Inu has already broken this resistance level as of the time of reporting, with only the $0.00002 level remaining as the next resistance point. This suggests that Shiba Inu is headed for a more massive rally that could further increase its current price by over 17% to reach $0.00002.
Other analysts widely share this outlook outlined by SHIB Knight in the crypto community. Numerous analysts have identified the $0.00002 level as Shiba Inu’s short-term breakout target.
Shiba Inu Road to $0.00003
Two days ago, The Crypto Basic published an analysis highlighting how Shiba Inu’s price could soon reach the $0.00003 level.
The analysis argued for a bullish reversal for SHIB based on a falling wedge pattern, a double-bottom formation, and four consecutive bullish candles with over 10% gains. Additionally, the report noted that Shiba Inu’s RSI has improved, with SHIB testing resistance at the 50-day EMA.
Accordingly, it highlighted that Shiba Inu would head for the $0.00003 level once it breaks the immediate resistances at $0.000016 and $0.000020.