Shiba Inu Completes Inverted Head-and-Shoulders Pattern with Price Targets
Shiba Inu (SHIB) has completed an inverted head-and-shoulders (iH&S) pattern, confirmed by a breakout and retest sequence. Key points include:
- The pattern formed through three troughs: left shoulder at $0.00001082 in March, head at $0.00001030 in April, and right shoulder at $0.00001230 in May.
- A surge on May 8 pushed SHIB to $0.00001765, its highest price since February.
- Recent price action has retraced to the neckline support zone between $0.00001400 and $0.00001470, validating it as new support.
- Technicians consider the pattern complete after this successful retest.
Price targets based on Fibonacci retracement levels indicate:
- First target at $0.00001603 (200-day EMA).
- Next target at $0.00001865 (23.6% retracement).
- If successful, further targets include $0.00002382 (38.2%) and $0.00002799 (midpoint level).
- Ultimate resistance levels are at $0.00003217 (golden ratio) and $0.00003811 (78.6%).
Failure to hold the neckline near $0.00001430 could shift risk toward $0.00001399 (50-day EMA) and $0.00001030 (cycle floor). Current momentum leans towards bullish continuation unless the neckline fails.