Shiba Inu 1,000-Day Consolidation To End In 400% Pop To New All-Time Highs – Analyst | Bitcoinist.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure 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.

Related Reading: Shiba Inu Burn Rate Up 352%, Shibarium Spikes Above $4M, SHIB Turning Green?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

Source: Andy on XAndy 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

Related Reading: Is Shiba Inu Dead Or Is There Still Hope To Flip Dogecoin?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.

SHIB trading at $0.000014 on the 1D chart | Source: SHIBUSDT on Tradingview.comFeatured image from Unsplash, chart from Tradingview.com Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.