Shiba Inu Set For Explosive Run to $0.001 SHIB Price After Textbook Bull Pattern Confirmation

Shiba Inu (SHIB) displayed strong momentum on Friday despite struggling with months of limited movement. 

Notably, after hitting a multiyear high of $0.000045 in early March, SHIB entered a prolonged consolidation phase. Despite Bitcoin (BTC) and XRP performing strongly in November and January, SHIB lagged, with investor focus shifting to larger-cap cryptocurrencies amid regulatory uncertainty.

However, with Bitcoin (BTC) spearheading another market rally, analysts are increasingly optimistic about a potential capital shift back into altcoins, with particular attention turning to meme coins like SHIB.

On Thursday, popular crypto analyst Javon Marks highlighted a bullish triangle pattern on SHIB’s chart, suggesting that the token could be on the verge of a significant breakout after months of consolidation.

“After confirming another Bull Pattern, and a textbook one at that, SHIB remains on our radar for a major continuation towards the larger target level at $0.000081. This target’s currently over 258% away, so a continuation towards it can be huge.” He tweeted. 

Another prominent analyst, “CryptoElites,” told his 246,000 followers that SHIB might be preparing for an even larger rally. Based on a bullish triangle pattern on the weekly chart, he projected a price target of $0.0023, a potential 100X return from current levels.

Elsewhere, analyst “Investing Haven” highlighted key Fibonacci retracement levels, which he believes are crucial for SHIB’s price trajectory. In a tweet, he identified the 50% Fibonacci level as a significant resistance point, while the 38.2% level serves as critical support. 

According to his analysis, SHIB is showing bullish signs as long as the support holds, with higher lows indicating growing interest from buyers. He stressed that the token’s breakout potential hinges on staying above the key level of $0.0000177, suggesting that this threshold will be crucial for determining whether SHIB can continue its upward momentum.

That said, SHIB’s recent developments are also bolstering investor confidence. Among the key drivers is the recent launch of TREAT, a governance and utility token for Shiba Inu’s Layer-3 privacy blockchain. This blockchain aims to enhance privacy and unlock advanced features, further strengthening SHIB’s ecosystem.

Additionally, the “Shiba Army” continues to actively burn tokens to reduce circulating supply, potentially boosting scarcity and value. Whale activity, with large transactions indicating accumulation, is another bullish indicator.

Meanwhile, this week, Shiba Inu’s lead developer, Shytoshi Kusama, shared his vision for Shiba Inu’s future, emphasizing resilience and innovation. According to him, the launch of TREAT is just one piece of the puzzle in expanding the Shiba Inu ecosystem.

On Thursday, Kusama’s mention of “building for the future” and the focus on utility memes that offer rewards and unlock new technologies like fully homomorphic encryption suggests a transformative period ahead for SHIB.

At press time, SHIB was trading at $0.0000243, reflecting a 9.65% surge in the past 24 hours.