Shiba Inu (SHIB) has seen an important pattern breakout, which could signal a significant price surge in the near term.

Notably, SHIB has broken out of a falling wedge pattern. A 342% gain could be imminent. His analysis suggests that if this breakout leads to sustained upward momentum, Shiba Inu could rise to $0.000081.

Falling Wedge Breakout

SHIB has been consolidating within a descending wedge structure for more than five months. This pattern started to form in March 2024, when SHIB experienced a correction from the yearly peak of $0.000045.

During the retracement from March to August 2024, SHIB’s price steadily declined, forming lower highs and lower lows, a classic falling wedge pattern. The decline in the broader cryptocurrency market also strengthened the bearish pressure facing Shiba Inu.

Interestingly, SHIB finally broke out of this pattern in August, signaling the potential for strong gains. Marks noted that SHIB’s breakout of this wedge pattern could be a catalyst for a significant price increase.

According to his analysis, if Shiba Inu continues on its current trajectory, it has the potential to rise to $0.000081, which would be a 342% increase from its current price area. The last time SHIB entered the $0.00008 price area was during the bull run in October 2021.

Historical Background of Shiba Inu

Looking at the chart, SHIB has seen significant gains after breaking out of similar patterns in the past. Notably, from December 2023 to February 2024, Shiba Inu continued to make lower lows, forming a similar falling wedge.

However, after breaking out in late February 2024, the dog-themed token surged 368% from $0.0000096 to $0.000045 in less than two weeks. If history repeats itself, the current outbreak could lead to another explosive rally.

Current Market Conditions

Meanwhile, SHIB is currently trading at around $0.00001792. After breaking out of the recent falling wedge, the price has been making higher lows, which is a sign of a strengthening trend.

The data confirms that SHIB’s pivot point is located at $0.00001719, which is slightly below the current price. The pivot point is currently acting as an important support point for Shiba Inu. If SHIB can hold above this level, it may gain the momentum needed to test higher resistance points.

The first major resistance level is at $0.00002077 (R1). If SHIB breaks above this level, the next target will be $0.00002299 (R2), with further upside potential at $0.00002657 (R3). Shiba Inu will need strong buying pressure to overcome these levels.

In contrast, the key support levels to watch are $0.00001361 (S1), $0.00001139 (S2), and $0.00000781 (S3). If SHIB loses momentum and breaks below the $0.00001719 pivot point, these levels will serve as important support areas to prevent a sharp decline.