Key Insights:
- Shiba Inu price eyes $0.000081 after forming an Inverse Head & Shoulders on the chart.
- Over 2% rise in long-term holders signals growing investor confidence in SHIB.
- SHIB’s 2024 bounce from $0.00001 echoes past explosive rallies of 391% and 1089%.
Shiba Inu (SHIB) price is attracting bullish attention after forming an Inverse Head and Shoulders pattern, a reliable reversal signal. Analyst Javon Marks highlighted the structure, suggesting a 512% potential rally to $0.000081. The pattern aligns with SHIB’s current accumulation phase and builds on prior historical breakouts.
Analysts, including MMB Trader and Lars Kooistra, also support the bullish view, citing technical milestones and on-chain metrics that indicate accumulation and long-term holding behavior.
Analyst Projects Breakout to $0.000081
Crypto analyst Javon Marks shared a chart highlighting a large Inverse Head and Shoulders pattern forming on SHIB’s long-term timeframe. This bullish structure, consisting of three troughs with the middle being the deepest, typically precedes an upside breakout. According to Marks, SHIB is completing the final shoulder of the pattern, indicating a potential reversal.
He pointed out that if SHIB price breaks above the neckline resistance, the coin could rally toward $0.000081. That would represent a gain of over 512% from its current price near $0.00001252. Marks based this target on the height of the pattern added to the neckline level.
His analysis also noted that Shiba Inu price is respecting trendlines that have supported previous breakouts. These formations, paired with historical performance, show a consistent path from consolidation to explosive moves when the neckline is breached.
Short-Term Volatility Hides Underlying Strength
Despite the bullish chart setup, SHIB price continues to experience short-term volatility typical of meme coins. However, Shiba Inu price traded at $0.00001362 during recent hours after showing a 2.6% price rally in the last 24 hours. In the weekly time frame the meme coin achieved a 16% increase which indicates growing market sentiment.
The altcoin increased in value following its recovery from the essential support level at $0.00001 that triggered past price rallies. The existing market activity reveals a neutral state near the Inverse Head and Shoulders pattern’s neckline which often signal a breakout.
SHIB’s performance is also tied to broader crypto market trends. Meme tokens often follow the momentum of larger caps like Dogecoin or Solana-based tokens, both of which have seen increased activity this month.
Shiba Inu Next Resistance at $0.00002562
MMB Trader on TradingView compared SHIB price current trend to past rallies. He highlighted SHIB’s explosive 1,089% rally in 2021, when the price jumped from $0.000005 to $0.00008026 in weeks. A similar move happened in early 2024 when SHIB price rallied 391.74% to reach $0.000045.
According to MMB, SHIB’s current setup mirrors those cycles. After each rally, the coin retraced and found support at lower levels before repeating the surge. Based on this pattern, he identified $0.00002562 as the next critical resistance level.
If SHIB price breaks above $0.00002562, MMB sees the price rallying toward $0.000037, implying a 200% gain from the current level. This aligns with Marks’ broader $0.000081 target, though MMB prefers tracking milestones at key resistance zones.
On-Chain Data Showed Long-Term Accumulation
According to IntoTheBlock, wallets holding SHIB for over a year rose by 2.07%, while medium-term holders dropped 4.17%. More notably, short-term holders fell 16.78%, suggesting that speculative selling is cooling.
These shifts are indicative of accumulation by committed investors. The decreased number in short-term holders means that there is less pressure to sell SHIB tokens, while the increase in long-term holders means that people believe in Shiba Inu.
Moreover, Lars Kooistra, a crypto and forex analyst, revealed that he has initiated a long position on SHIB. He noted that on the higher timeframe, there is a TCT Model 1 accumulation schematic. Kooistra noted that this model comes before sharp increases in prices supporting the bullish inverted head and shoulders pattern by Marks.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
