One analyst believes that Shiba Inu is currently forming a bullish pattern, predicting a potential increase to $0.000040.
Shiba Inu may be on the verge of a significant price increase, as an analyst emphasizes that this token is currently forming a bullish pattern with a potential price increase of 35%.
This week is an eventful week for Shiba Inu, the second largest meme coin by market capitalization.
The price began to rise positively on December 1, but there was a slight correction after hitting the resistance threshold on Sunday.
The price then attempted to retest the nine-month resistance level at $0.00003300.
However, after the second rejection from this supply zone, the token price dropped by 11.2%, currently trading at around $0.00002968.
Despite the overall bearish trend of the market, the outlook for Shiba Inu remains optimistic.
Analyst Shib Knight pointed out that the price chart of this token continues to show bullish characteristics.
He notes that Shiba Inu is forming a bullish pattern, indicating that a breakout is ahead.
In his analysis, Shib Knight points out that the SHIB/USDT chart resembles an ascending triangle, gradually narrowing at the top.
He believes that when this pattern completes, the price of Shiba Inu could increase by approximately 28.92%, potentially reaching $0.000040.
To further reinforce this bullish sentiment, analyst Guru Asymmetric shared his view on the descending triangle pattern that has been forming over several months on the weekly chart.
This pattern originates from the all-time high in 2021, indicating an impending breakout that could lead to a significant price increase.
He speculates that if Shiba Inu breaks through the resistance at $0.000033, the price could soar to $0.00007593, with interim targets of $0.00003567, $0.00004244, and $0.00005105 throughout the process.
This price increase would correspond to an astonishing increase of up to 156% compared to the current market price.
As of now, the price of Shiba Inu is slightly down over 5% in the past 24 hours, but technical indicators suggest that a bullish momentum may be on the horizon.
