Shiba Inu Bullish Pennant Set to Propel SHIB to New Highs, Analysts Say

Multiple analysts have identified a bullish pennant on the Shiba Inu chart, outlining the potential for a profit of above 62% soon.

Shiba Inu bulls are encountering significant resistance around the $0.000025 price level. Last week, amid SHIB engineering a mini rally, it barely crossed this range before retreating below. At the last check, SHIB succumbed to bearish pressure, falling behind by at least 5% and hitting an intraday low of $0.00002361.

Despite maintaining positive gains in its 30-day trajectory, Shiba Inu is still struggling to surpass the $0.000025 level decisively.

Meanwhile, prominent market observers are confident that SHIB is counting down from its current consolidation phase. They have forecasted various breakout price targets Shiba Inu holders may look out for soon. 

Incoming 62% Profit for Shiba Inu Holders

Famous Bitcoin analyst Clifton has joined the roster of commentators calling attention to an impending bullish trend for Shiba Inu. In a recent update on X, Clifton highlighted the formation of a bullish pennant on the 24-hour timeframe for Shiba Inu.

For context, a bullish pennant formation signals that an asset is prepared to continue an uptrend commenced much earlier before encountering brief opposition. This formation, resembling a symmetrical triangle, is characterized by consolidating prices, hinting at an imminent breakout.

In Shiba Inu’s case, SHIB had an ongoing uptrend in early March but ran out of steam. It entered a downtrend that took it back to $0.000018 in April. The overall candlestick pattern SHIB established in March translated to the bullish pennant many market watchers have spotted.

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Clifton asserted that an upside from the configuration could net Shiba Inu holders a short-term profit of up to 60%.

In particular, the accompanying graph proposed that Shiba Inu could rally to the $0.00004 price level at the very least within the next few weeks.

Other Analysts Propose Higher Targets 

On the other hand, analyst Davie Satoshi, who similarly identified a bullish pennant on Shiba Inu’s chart, proposed higher targets of above $0.00005 upon breakout. 

Other market watchers like the pseudonymous “World of Charts” have conveyed similar opinions, identifying $0.00005 as SHIB’s potential target.

Meanwhile, while replying to the analysis, a Bitcoin analyst suggested that SHIB enthusiasts may anticipate the $0.00008 price level next. Another even argued for the potential for a $0.00015 price point by next month. 

Notably, Shiba Inu entering $0.00015 would market a new history for the asset as it represents an uncharted territory.