Recent analysis suggests Shiba Inu is selling at a massive discount, as possible fractal repetition could ensure it rallies to unprecedented prices.
Analyzing the Shiba Inu chart in a TradingView commentary yesterday, market watcher “SABoikie” emphasized the memecoin’s bullishness if it repeats a fractal price action from the previous cycle. His analysis highlighted a possible rally to an extended resistance trendline on the weekly timeframe if the growth pattern from the last cycle repeats.
A Good Buy Regardless
The second-largest meme coin by market cap recently gained momentum alongside the broader cryptocurrency market, rallying by nearly 15% since the start of the week. With its bullish price action continuing today, Shiba Inu is on track for its eighth consecutive green day, according to market data.
Nonetheless, the asset is still miles away from its yearly high and all-time high. As a result, analyst “SABoikie” views a SHIB accumulation at this point as a good buy. Furthermore, he predicts that the token might repeat the success of its last cycle with a similar fractal pattern.
An accompanying chart shows that the token broke out from a wedge in September 2021, accompanied by a rally to an ascending trendline, which marked its peak and current all-time high at $0.00008854. While prices have retraced over 84% from the high, SHIB seems to be forming a similar fractal pattern.
The doggy-themed meme coin is trading below a falling trendline, which kicked in after its early December high of $0.00003343, with its recent uptrend drawing it closer to the tip of the supply zone. While the analyst admitted that the asset faces strong resistance at this point, he stated that a break above $0.000014 would ensure Shiba Inu enters a consolidation phase again.
Per the chart, SHIB would target the ascending trendline, where it peaked in the last cycle upon breakout. Notably, this trendline currently lies above $0.00010, suggesting a rally of over 607% from the current market price if SHIB captures it.
Interestingly, analysts like “illagodzilla” and “Cap. Parabolic Turbulence” support this price target, with the commentators predicting a rally to $0.000173 and above $0.00010, respectively.
Shiba Inu Targets $0.000015 Next?
Meanwhile, analyst Lingrid has highlighted positive Shiba Inu price actions, suggesting further upside. In a Wednesday analysis, he stressed that the bullish momentum would push SHIB back towards March’s price high.
She stressed that Shiba Inu formed a double bottom in early April and has bounced from the support around $0.00001028 to trend on an ascending wedge. Most recently, it retested the bottom of the trendline, with the support at $0.00001250 holding firm.
Moreover, the token regained momentum from this support to break and close above another crucial support level at $0.00001313. Amid the momentum, the analyst predicts further upsides, with the next target an uptick to $0.000015.
In the meantime, SHIB trades at $0.00001414, up 3% today.
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