Shiba Inu (SHIB) has been relatively quiet lately, but some analysts believe a big price jump is coming. One analyst on X (formerly Twitter) predicts a massive 17x increase.
A Technical Analysis Suggests Big Gains
The analyst’s chart shows SHIB is in a “symmetrical triangle” pattern. This pattern often leads to significant price movements once the price action compresses enough. This particular triangle has been forming for years, starting from SHIB’s all-time high in October 2021.
The chart shows several times the price bounced off the triangle’s support line. These bounces, along with lower highs over time, created the narrowing triangle shape. A recent bounce off the lower trendline suggests a move towards the triangle’s top is next. Breaking above this top could trigger a 17x price surge, potentially reaching $0.00023. While ambitious, this prediction aligns with how symmetrical triangles usually behave.
Growing Momentum and Bullish Signals
SHIB’s price has shown recent strength, bouncing off its support level. The chart even suggests a “cup” pattern forming within the larger triangle, further supporting a bullish outlook. This positive momentum has turned the monthly chart bullish. A positive monthly close in April would be the first in six months.
Currently, SHIB is trading around $0.00001381, down slightly in the last 24 hours. However, it’s still up about 11.5% since the start of April. The key question is whether the broader crypto market will provide enough momentum for SHIB to break out of its triangle and hit that $0.00023 target.
