Shiba Inu could be on the brink of a massive upside move as a recent analysis identifies a bullish structure formation on the weekly chart.
The analysis comes from “Market Spotter” in an X post, as Shiba Inu shows positive signs. Market data indicates that SHIB rebounded 4.7% from a low of $0.00001148 last week to close the week at $0.00001202, as bulls stepped in to stabilize prices.
Interestingly, the market commentator, who claimed to have been accurately predicting the price action of Shiba Inu, has identified a possible bullish development. He shared this yesterday, highlighting the likely target for the impending rally.
Shiba Inu Forming Bullish Wave
Market Spotter noted that SHIB is currently trading within a bullish wedge on the weekly timeframe. The structure began forming after March 2024 when SHIB hit a high of $0.00004567 and retraced, with prices fluctuating between the upper resistance and lower support trendlines within the triangle.
An accompanying chart shows that the last attempt by Shiba Inu to break out came from its run to $0.00001484 in early September. Upon reaching the resistance neckline, the token lost bullish momentum, crashing back to its current market price.
Big Shiba Inu Breakout Ahead
Meanwhile, the analyst now expects a breakout of the falling wedge, especially as prices become tighter within the triangle. The chart analysis suggests a bounce from the lower support of the wedge, ultimately defying the 18-month-old structure.
The analyst is particularly optimistic that the outbreak would spark a bullish development, with historical patterns providing context. SHIB broke out from a similar channel in February 2024, reaching its March 2024 high after another 18 months of consolidation from August 2022.
Meanwhile, for the target upon breakout, the chart highlights a potential retest of the structure’s origin. Specifically, SHIB could rally nearly fourfold, or 283%, from the current market price of $0.00001192 to the March 2024 peak price of $0.00004567.
Notably, the $0.00004567 target falls between the take-profit points identified in the analysis by MMBTrader. He predicted that Shiba Inu would rally first to $0.00003364 and then to $0.00005480. His ultimate Shiba Inu price prediction is an uptrend to $0.00007716, representing a 547% growth from the current market price.
Clear Bearishness Still Predominant
Despite the bullish outlook, some still believe Shiba Inu is in a clear bearish trend. While it has increased by nearly 2% in the past 24 hours, RTED_Investing recently highlighted that bearish momentum is building for Shiba Inu.
This came after Shiba Inu was rejected from the resistance at $0.00001360 two weeks ago. The market analyst noted that the token would fall further to the support at $0.00001100 if the one at $0.00001230 does not hold.
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