thecryptobasic.com
A Shiba Inu rebound to greater heights is imminent, as recent reversal price action has steadied the course for a falling wedge breakout.
Shiba Inu ($SHIB) has been a major beneficiary as positive momentum slowly returns to the crypto market. The token has rebounded over 14% this week and 18.4% from its low of $0.00000755 last week, sparking bullish sentiment among enthusiasts.
Glimpse of Future Trend
Meanwhile, this could be part of a larger bullish trend, a recent Shiba Inu price prediction suggested. Specifically, Bitcoinsensus highlighted a forming wedge on the SHIBUSDC weekly chart, whose completion would catalyze a big move for the meme coin.
The channel traces back to Shiba Inu’s lower low formation around $0.0000129 in September 2024. This marked a crucial support formation for the channel’s lower trendline. Shiba Inu bounced from that level to its December 2024 high of $0.00003343, forming the upper resistance trendline.
Most recently, $SHIB retested the lower boundary of the now-tightening wedge with last week’s low. Specifically, amid this drop, it faked a breakdown below the channel, but its recovery this week has put things back on course.
Bitcoinsensus now expects $SHIB to continue this trend toward the upper resistance and finally break out to greater heights.
Long-Term Shiba Inu Pattern Nears Completion
The breakout point from the falling wedge lies around $0.0000110. The analyst predicted that Shiba Inu would finally break this supply zone, releasing the momentum from multi-month price suppression.
Following the breakout, he highlighted that a pullback to retest the channel’s top would ensue. The chart shows a possible 56.5% break to $0.000014, followed by a retest of the channel’s upper trendline. Notably, a successful breakout and retest would pave the way for a major upside move.
Meanwhile, this big move would target an initial 112.5% rally towards $0.0000190. However, a typical falling wedge usually retests the structure’s high. As such, $SHIB could retest the December high of $0.00003343, marking a 274% growth from its current market price.
Notably, the $0.00003343 target also aligns with earlier Shiba predictions. Analyst Kamile Uray highlighted this as one of her targets in a Thursday outlook, pinpointing a rally toward $0.000088 as the ultimate move.