Shiba Inu could be up for a bullish outburst as an analyst says the token’s price is filling up a bullish pattern that could spur a 35% upsurge.
Shiba Inu has had one hell of a week. The second-largest meme coin by market cap started the week on the back of a December 1 price upswing.
However, it corrected slightly after the Sunday rejection before retesting the nine-month resistance at $0.00003300. Meanwhile, a second rejection from the supply zone has seen it drop 11.2% to the current market price.
Amid a broader market correction, an analyst has pointed out that Shiba Inu’s chart still looks as bullish as ever. A recent analysis shows that the recent Shiba Inu price movement has seen it filling up a bullish pattern, with a breakout drawing closer.
Shiba Inu Pattern Filling Up
Analyst Shib Knight drew his audience’s attention to the latest Shiba Inu price chart development. In a tweet today, he stated that the meme coin is filling up a bullish price pattern, implying an imminent breakout.
His commentary shows that the SHIB/USDT chart forms an ascending triangle, with the pattern getting tighter at the tip. While acknowledging that the meme coin is slowly filling the pattern, he predicted where an outbreak would take SHIB. Per Shib Knight, Shiba Inu will surge 28.92% to $0.000040.
Shiba Inu Looks Primed
Meanwhile, Guru Asymmetric has inferred that Shiba Inu is primed for a rally. Today, the analyst shared a chart showing that a breakout is on course for the leading meme coin.
Per the 1-week chart, Shiba Inu is at the peak of a multi-month descending triangle. The price pattern dates back to its all-time high in 2021, with an imminent outbreak targeting substantial upsides.
The analyst speculated that if Shiba Inu breaks the resistance at $0.000033, it will fly as high as $0.00007593. However, his commentary suggests brief stops at $0.00003567, $0.00004244, and $0.00005105 before hitting the ultimate target at $0.00007593.
Shiba Inu 1W chartMeanwhile, a surge of that magnitude would entail a 156% increase from the current market price. The meme coin trades at $0.00002968 at press time, down over 5% in the past 24 hours.
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