Shiba Inu Token's Current Prices: Predictive Chart Pattern Indicates Potential 70% Increase from Current Low Levels
Shiba Inu, the popular meme cryptocurrency, has potentially signaled a bullish continuation following the formation of an inverted head-and-shoulders pattern on its daily chart. The technical structure became evident over a two-month period this spring, with distinct troughs at $0.00001082, $0.00001030, and $0.00001230.
This pattern culminated in a decisive breakout on May 8, propelling SHIB to $0.00001765, its highest level since early February. After reaching this local peak, profit-taking occurred, resulting in a retest of the breakout level. This retest completes the pattern according to technical analysts, suggesting momentum favors buyers pushing for higher levels in the coming weeks.
Key resistance levels that could hinder further advances include the 200-day exponential moving average at $0.00001603 and Fibonacci retracement levels above. The 23.6% retracement sits at $0.00001865, while the 38.2% level stands at $0.00002382. The 50% retracement level at $0.00002799 coincides with the lower boundary of December's congestion zone, making it a crucial area to watch. More ambitious targets include the golden ratio (61.8%) mark at $0.00003217 and the 78.6% retracement at $0.00003811.
The potential downside scenario involves a failure to maintain support at the neckline, around $0.00001430, which would invalidate the bullish outlook and shift focus back to the 50-day EMA and potentially the cycle low at $0.00001030.
The near future will be critical in determining whether bulls can capitalize on this technical victory by generating ongoing upward momentum or if bears will pull SHIB back into its previous trading range. At present, SHIB trades in a critical zone where the technical structure suggests the potential for further gains if support holds.
Integrating insights from the enrichment data, ongoing token burn programs, enhancements in Shiba Inu's ecosystem such as the Shibarium Layer-2 network, and sustained whale activity are potential drivers supporting upward price momentum. Longer-term forecasts suggest SHIB may trade within a channel between approximately $0.000015 and $0.00002066 in 2025. If rallies push prices beyond this range, factors like token burns and network developments may propel SHIB toward the $0.00004569 level last seen in the summer of 2021. However, investors should remain cautious of volatility and monitor technical levels and ecosystem developments for further confirmation.
Cryptocurrency investing in Shiba Inu, fueled by technological advancements and financial opportunities, might potentially continue moving upwards in the coming weeks, following the bullish pattern observed. Key resistance levels, such as the 200-day exponential moving average or the 61.8% Fibonacci retracement, could potentially obstruct further advances, underscoring the need for investors to remain cautious and vigilant.
