Shiba Inu is on the verge of breaking out, and historical context shows that it caused a staggering price rise last time.
After almost a month, Shiba Inu Consecutive green daily closures recorded yesterday. As the candlestick shows a higher price rejection, the meme coin rose by 4%, building on its rise of over 2% on Monday. Meanwhile, behind this price development lies a more optimistic development in its formal phase.
Key Points
- Shiba Inu is on the verge of breaking out, and historical context shows that it caused a staggering price rise on the previous occasion.
- THE $SHIB/$USDT The 12-hour chart shows that the token is about to break through another descending wedge structure after months of accumulation.
- Shiba Inu has been suppressed in this corner since its December 2024 high of $0.00003343.
- History shows that in the previous event, the Shiba Inu token surged over 455% from its breakpoint.
- Shiba Inu could be preparing to “start all over again,” with a similar move targeting $0.0000311.
Shiba Inu targets escape
Market Expert Javon Marks highlighted a potential price break on the $SHIB/$USDT 12 hour chart. He pointed out that the meme coin is on the verge of breaking another falling wedge structure after months of accumulation.
An attached chart provides more context, showing that Shiba Inu has been suppressed in this corner since its December 2024 high of $0.00003343. It has since made lower highs and lower lows, with the pattern’s upper resistance and lower support reducing upward and downward price swings.
Shiba Inu in a Drooping Wedge Shaped Structure/Javon Markings
Meanwhile, the channel has gradually compressed, with long candles being replaced by shorter candles, signaling that volatility is decreasing. Usually this hints at an impending escape, aim for higher prices.
History provides bullish context
Marks noted that the breakout would be visible $SHIB generate huge gains, based on historical context. The analysis highlighted that during the previous event, the token surged over 455% from its breakpoint.
Precisely, this happened in October 2023, after $SHIB had consolidated itself in the area for 18 months. It entered this structure in April 2022 after a low and high payout that peaked at $0.0000300. The wedge weighed on prices, with the squeeze also portending the end of consolidation.
After the breakout, Shiba Inu rose over 455% to reach its March 2024 high of $0.00004567. This results in a 5.6x move, handsomely rewarding those who bought within the structure.
Shiba Inu Could Do Anything: Analyst
According to Marks, Shiba Inu might be preparing to “start all over again.” This suggests a repeat or similar move towards the 455% upside.
At the time of writing, $SHIB is trading at $0.00000560. A 455% growth would take the token to $0.0000311, removing one zero from the current price. Importantly, this closely matches the December 2024 high of $0.000033.
However, for this to happen, the same coin would have to be transferred from blatant downward trend. Notably, $SHIB has corrected for seven consecutive months and is already down 3.3% in March. Unless capital returns and the broader crypto market show signs of stabilizing, the token may not be able to post such a decisive rise.
