Shiba Inu Displays Inverse Head and Shoulders Pattern Indicating 540% Upsurge
Shiba Inu is showing signs of a potential price movement, with technical analysis indicating a bullish breakout. The token has decreased by 2.8% in the last 24 hours but is forming an inverse head and shoulders pattern that may lead to a significant rally.
- Analyst Javon Marks identifies the inverse head and shoulders structure on the 5-day candlestick chart.
- The pattern indicates Shiba Inu is in the final stages of formation before possibly confirming the breakout.
- This pattern has been developing since mid-2022, suggesting a potential price surge of 540%.
- The estimated price target is $0.000081, nearing its all-time high of $0.00008616.
- Current trading price is $0.00001263, reflecting a decline from a 24-hour high of $0.00001347.
The predicted breakout will require increased trading volume and support validation to confirm the bullish pattern.
