thecryptobasic.com
Shiba Inu could be on the brink of a massive upside move as a recent analysis identifies a bullish structure formation on the weekly chart.
The analysis comes from “Market Spotter” in an X post, as Shiba Inu shows positive signs. Market data indicates that SHIB rebounded 4.7% from a low of $0.00001148 last week to close the week at $0.00001202, as bulls stepped in to stabilize prices.
Interestingly, the market commentator, who claimed to have been accurately predicting the price action of Shiba Inu, has identified a possible bullish development. He shared this yesterday, highlighting the likely target for the impending rally.
Big Shiba Inu Breakout Ahead
Meanwhile, the analyst now expects a breakout of the falling wedge, especially as prices become tighter within the triangle. The chart analysis suggests a bounce from the lower support of the wedge, ultimately defying the 18-month-old structure.
The analyst is particularly optimistic that the outbreak would spark a bullish development, with historical patterns providing context. SHIB broke out from a similar channel in February 2024, reaching its March 2024 high after another 18 months of consolidation from August 2022.
Meanwhile, for the target upon breakout, the chart highlights a potential retest of the structure’s origin. Specifically, SHIB could rally nearly fourfold, or 283%, from the current market price of $0.00001192 to the March 2024 peak price of $0.00004567.
Notably, the $0.00004567 target falls between the take-profit points identified in the analysis by MMBTrader. He predicted that Shiba Inu would rally first to $0.00003364 and then to $0.00005480. His ultimate Shiba Inu price prediction is an uptrend to $0.00007716, representing a 547% growth from the current market price.
Clear Bearishness Still Predominant
Despite the bullish outlook, some still believe Shiba Inu is in a clear bearish trend. While it has increased by nearly 2% in the past 24 hours, RTED_Investing recently highlighted that bearish momentum is building for Shiba Inu.
This came after Shiba Inu was rejected from the resistance at $0.00001360 two weeks ago. The market analyst noted that the token would fall further to the support at $0.00001100 if the one at $0.00001230 does not hold.