Higher timeframe analysis shows that Shiba Inu could soon come to life and surge extensively in the coming months, given recent price accumulation.
Shiba Inu has quickly recovered from a price downtrend on Thursday. The prominent meme coin corrected 3.17% yesterday but has compensated for the retracement with an over 9% upsurge today.
However, the doggy-themed meme coin still trails the broader market in price performance. For context, SHIB has appreciated just 8% in the past seven days, while other high-caliber assets like XRP and Dogecoin increased by 43% and 18% in the same period.
Meanwhile, a recent analysis indicates a big pump is coming. A notable market speculator asserts that an explosive run is imminent and gives a timeframe for its actualization.
Timeline for Area Breakout
TradingView analyst SimpleTrader2018 identified a strong price compression in the Shiba Inu monthly chart. Per an accompanying chart, the meme coin has sustained a trend within a symmetrical structure for six months.
The base of the triangle stemmed from SHIB’s August 2024 lows of $0.00001083. Shiba Inu recovered from the bearish momentum, hitting the tip following its short-lived surge to $0.00003341 in December.
Meanwhile, the analyst noted that Shiba Inu would experience a substantial uptick if it regained bullish momentum. He suggested that the massive upside will follow the token’s breakout in one or two monthly candlesticks.
Shiba Inu to $0.00023?
In addition, analyst CryptoELITE made an ambitious call to confirm the bullish momentum on the Shiba Inu price chart. In a Thursday analysis, the market commentator noted that SHIB’s technicals look positive, asserting that the meme coin will target a tenfold upsurge if bullish price action persists.
Meanwhile, he based the 10x upsurge predictions on a breakout from a symmetrical triangle. An accompanying chart shows that Shiba Inu formed the pattern following its push to $0.00004567 in March 2024 and has continued to consolidate within the structure.
CryptoELITE asserted that Shiba Inu would surge 850% from its current price past its all-time high to $0.00023 upon breakout. He also suggested that the outburst would happen “very soon.”
Interestingly, another analyst predicted a similar price surge. Market expert Alan Santana set an uptick to $0.00023 as his target for Shiba Inu in the bull run, noting that it would happen this year.
In the meantime, SHIB trades at $0.00002413, up almost 10% today.