A prominent market analyst has dissected Shiba Inu trends over the past two years, giving insight into what to expect when its bullish phase starts.
Specifically, Income Sharks, a widely followed analyst, highlighted several market phases for Shiba Inu. This involves a short period of explosive price actions and a more extended period of price consolidation after gains.
Shiba Inu Price Action Over the Past 2 Years
Remarkably, analysts have repeatedly voiced the sentiment that this bull cycle is different. This applies to Shiba Inu, which has been consolidating even during the supposed bull market phase of the crypto industry.
The post-halving year has historically come with massive price upside for Bitcoin and altcoins, but this has not been the case for Shiba Inu. Notably, data show that SHIB has corrected a staggering 53% year-to-date, with holders nursing portfolio downsides.
Amid this price action, IncomeShark highlighted how the price of the second-largest meme coin has developed over the past two years. After consolidating for the first two months of 2024, SHIB experienced rapid growth in March, rallying 144.7% from $0.0000307 to $0.00004567.
Holders felt they were back, but what followed was a price consolidation to the lows of $0.00001078 in August 2024. Notably, this consolidation lasted for 6 months before the next leg up.
11 Months of Price Consolidation
Following the 6-month consolidation, a relief rally kicked in from September 2024. The meme coin posted three green monthly candles between September and November 2024, peaking in December 2024. During this period, SHIB rallied from $0.00001231 to $0.00003343, representing a 171.5% growth.
Since then, Shiba Inu has entered an extended period of price correction, which has been ongoing for 11 months. The analyst highlighted that Shiba Inu has followed this pattern of a few months of price uptrend and an extended period of price decline.
But Shiba Inu Could Bounce
Nonetheless, the chance of a rebound is not entirely off the chart for Shiba Inu. Remarkably, the asset has experienced periods of price consolidation like this before, but it has rallied extensively afterwards. Notably, SHIB consolidated for 11 months between March 2023 and January 2024 before experiencing a surge in February and March 2024.
If the token experiences a short period of explosive price action, as previously seen, patient holders could benefit significantly. Notably, analysts are already expecting this move, predicting that this long and boring period of consolidation will soon come to an end.
Analyst MMB Trader shared in his recent analysis that Shiba Inu always leaves it late, predicting a rebound to $0.00007730, representing a 684% rally from the current market price of $0.00000985.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
