Shiba Inu could finally retest multi-month price highs as an analyst points to a looming falling wedge breakout on the three-day timeframe.
Despite its Ethereum nativity, Shiba Inu has not mirrored the rally of the second-largest cryptocurrency by market cap. Ether has increased 52% in the past month, while SHIB is down 1.57%.
Shiba Inu to Resume Upsurge Upon Breakout
Nonetheless, market watchers are still betting on a bullish development for Shiba Inu. Most recently, Crypto Mullah predicted that the prominent meme coin will “send it” upon breaking out of a falling wedge on the 3-day timeframe.
For perspective, Shiba Inu has been trending within a wedge since its December 8 high of $0.00003343. SHIB surged 49% in November 2024, joining the broader market Trump-inspired rally. The momentum endured in early December to the price high before a rejection ensured lower prices.
Notably, Shiba Inu has failed to sustainably aim for higher prices, with Crypto Mullah identifying a trend within the falling wedge as another momentum suppressor. According to him, SHIB would rally extensively if it finally broke free.
Meanwhile, Shiba Inu would require a bullish momentum greater than the one it had in July to break free. For context, SHIB rallied to the tip of the pattern’s upper resistance trendline on July 21, when it reached a high of $0.00001597. However, Shiba Inu failed to sustain the trend and fell back into the triangle.
Possible Target As Breakout Looms
With Shiba Inu’s recent resurgence, the analyst expressed optimism that it could finally break out from the multi-month falling wedge. When it does, he projects a rally to retest the price level where the pattern originated.
Specifically, he expects Shiba Inu to reclaim its December 2024 high of $0.00003343, which is 146.5% away from its current price of $0.00001356. Notably, a successful retest of the level will set Shiba Inu up for higher prices.
The price target aligns with an earlier call from analyst Javon Marks. The market commentator predicted a rally to $0.000032, as the MACD indicator signals bullish divergence.
Shiba Inu Next Near-Term Target
Meanwhile, SHIB KNIGHT believes Shiba Inu will reclaim bullish momentum in the coming days. His analysis points to a near-term surge to $0.000018, then to higher resistance zones.
Backing his assertion, the SHIB bull highlighted a promising structure on the Shiba Inu chart amid a higher low formation. He emphasized that the rebound from a recent low could be forming a higher low, which is a classic sign of building upward momentum.
SHIB KNIGHT insisted that if this trend persists, Shiba Inu could rally 32% to $0.000018.
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