- Shiba Inu forms a bullish Inverse Head & Shoulders, hinting at a potential explosive price surge.
- Analysts eye a $0.000081 target, a massive +512% gain if neckline resistance breaks.
- Confirmation needs strong volume; broader market sentiment is also crucial for SHIB’s rally.
Shiba Inu’s price setup appears to be forming a distinctive Inverse Head & Shoulders, sparking anticipation among traders. This is a typical bullish reversal pattern that occurs after a period of downtrend and hints of an explosive upward movement.
Marked by a baseline (neckline) with three troughs (low points), the middle trough, or the head, is the lowest, and the two side troughs (the shoulders) are higher and roughly equal in depth. To put it simply, this pattern indicates that the selling pressure is diminishing and buyers are regaining control.
Shiba Inu is still holding in what looks to be a massive Inverse Head & Shoulders pattern and as prices look to be in the final shoulder of this pattern, a surge could be looming, and it could be towards our larger breakout target OVER +512% AWAY at $0.000081.
The analyst has also pointed out that prices seem to be in the final stages of forming the “shoulder” of this pattern. A decisive break above the “neckline” or the resistance level could signal the start of a substantial price rally. As seen in the chart, the so-called neckline connects the highs after the first shoulder and the head.
Shiba inu $0.000081 Target Alert
A target of $0.000081 has been identified in case of a successful breakout. This marks a whopping surge of over 512% from current price levels. However, traders should watch out for trading volume during the formation of the pattern, especially on the breakout above the neckline. A high trading volume bolsters the credibility of the signal.
Apart from technical patterns, the overall sentiment of the cryptocurrency market and Bitcoin’s price action can also significantly influence the price of SHIB.
At press time, SHIB is trading at $0.0000136 over the past day. With a price increase of 8.00% in the last 7 days, Shiba Inu is outperforming the global cryptocurrency market, which is up 2.60%.
Read more: Shiba Inu Signals Start of Powerful Bull Market, Targets 1,400% Growth