Crypto analyst Andy has predicted that the Shiba Inu price could soon rally to new all-time highs (ATHs). He remarked that the meme coin appears poised to break out from a 1000-day consolidation pattern, which could spark this parabolic rally.
Shiba Inu Set For Potential Breakout After 1000-Day Consolidation
In a TradingView post, Andy stated that Shiba Inu appears poised for a potential breakout, mirroring XRP’s historical price action. He revealed that SHIB has reached the 1.618 Fibonacci time extension after consolidating for almost 1,000 days. The analyst noted that this significant technical indicator is often associated with trend reversals.
Andy remarked that the chart structure shows similarities to XRP before its rally to previous highs, suggesting Shiba Inu could repeat this same price action. Another bullish pattern he highlighted for SHIB is the inverse head-and-shoulders pattern, which is forming on the daily timeframe. The analyst noted that this bullish reversal setup indicates potential upward momentum.
He also stated that, as a “forgotten” meme coin, Shiba Inu could still see renewed interest. He believes positive ecosystem developments like Shibarium upgrades, token burns, and the TREAT and SHI tokens launch could act as fundamental triggers.
Andy added that the diminishing exchange supply and broader market sentiment, like this bull run being a Bitcoin supercycle, could further support a rally. Such a rally could be similar to XRP’s unexpected surge on positive news.
Shiba Inu’s token burns have sparked mixed sentiments as the number of tokens burned daily remains inconsistent. On May 16, the burn rates declined by 100%. However, it has risen by 106,000% in the last 24 hours, with 15,330,933 SHIB burned during this period. Meanwhile, the burn rate is also up 163% in the last seven days, with 136 million tokens burned during this period.
SHIB Showing Notable Strength
In an X post, crypto analyst Javon Marks stated that Shiba Inu has been showing notable strength, recovering nearly 30% in the past few days. He added that this price recovery could only be the beginning for the meme coin. The analyst predicts that SHIB’s price can quadruple with a divergence hinting at at least 105% additional recovery and a breakout target of $0.000081.
Crypto analyst SHIB Knight also provided a bullish outlook for the Shiba Inu price. In an X post, he stated that SHIB is forming a falling wedge pattern and that the target is the psychological $0.00002 price level. A rally to this level could set the stage for the meme coin to rally to new local highs.
At the time of writing, the Shiba Inu price is trading at around $0.00001438, down almost 5% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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