thecryptobasic.com
A prominent market analyst has predicted a Shiba Inu rally to December 2024 highs in the near term amid an imminent descending channel breakout.
Market watcher World of Charts shared the promising price outlook in a Wednesday tweet amid Shiba Inu’s renewed bullishness. The seasoned analyst predicted a near price breakout for the meme coin, asserting a solid run to higher prices in the coming days.
Notably, the commentary follows Shiba Inu’s momentum shift from earlier prevalent bearishness to a bullish disposition. The asset has now appreciated in five consecutive days for the first time since late September, growing 13% within this period.
Shiba Inu Nears Breakout
Amid the recovery, World of Charts highlighted a rapidly developing bullish price action in the 12-hour SHIB/USDT chart, confirming that the meme coin is breaking out. He noted that the token’s 11% weekly rally has pushed prices to the tip of a multi-month descending channel.
For context, the channel started forming following Shiba Inu’s December 8 high of $0.00003343, trending in lower highs and lower lows within the structure. SHIB faked a bearish breakdown with its February 3 steep decline to $0.00001160 but bounced back within the wedge.
The market watcher suggested that a sustained break above the wedge’s upper resistance trendline would spur a massive rally. Specifically, he speculated a solid 2x rally to $0.0000340 for the prominent meme coin in the coming days.
Meanwhile, Shiba Inu’s price has since receded into the structure following a rejection from the boundary’s resistance. At the current market price, SHIB would surge an impressive 136% to hit the analyst’s target after a successful breakout.
Shiba Inu Emerges from Falling Wedge
Interestingly, according to analyst CryptoBull_360, SHIB has already broken out. In a recent analysis, the commentator shared that the token has broken upward from a falling wedge pattern in its daily timeframe.
He insisted the price surge could spur a bullish rally for Shiba Inu, with explosive volume and momentum as further catalysts. Furthermore, the market watcher stated that a daily close above the 50-day exponential moving average (EMA) could spur a 74% rally to $0.000025, aligning with an earlier analysis from watcher CryptoRoy.
In the meantime, Shiba Inu trades at $0.00001445, up 1.65% in the past 24 hours.