Analyst Says Shiba Inu Set to Reclaim 12-Month High with 52% Rally

A prominent trader has suggested Shiba Inu may reclaim its 12-month high in the coming days with a potential 52% rally.

Shiba Inu has struggled to hit and maintain the $0.00001 threshold over the past month despite the Bitcoin-induced rally that impacted the overall market.

Trading at around $0.000009569, Shiba Inu’s cumulative performance in the last seven days amounts to a negative growth of 2.32%. However, in the last 24 hours, the asset has flashed positive signs of recovery, with 1.60% gains.

Amid the gradually building momentum, Shiba Inu community figure “SHIB KNIGHT” has expressed confidence about the direction of the asset.

Road to 51.4% Rally

In a recent post on X, the prominent trader called attention to the formation of a symmetrical triangle on the weekly timeframe.

The accompanying chart indicates that Shiba Inu’s patterns over the past few weeks have formed the symmetrical triangle, which suggests an exhaustion of the downtrend.

Considering the established patterns, the Shiba Inu trader argued that a successful breakout from the symmetrical triangle would lead the asst to claim a price far beyond the $0.00001 mark.

Specifically, he targets a Shiba Inu rally of 51.4% to reach $0.000014.

$SHIB 1WEEK Chart:

Breakout target is 1400. Breakout should be confirmed, it’s still moving in pattern rn. pic.twitter.com/IId3C9SRCm

— $SHIB KNIGHT (@army_shiba) February 22, 2024

According to historical data from CoinMarketCap, Shiba Inu last traded in the $0.000014 range precisely one year ago. Essentially, the trader foresees Shiba Inu reclaiming this 12-month high in the coming days.

Meanwhile, SHIB KNIGHT pointed out that the breakout signal has not been fully confirmed yet, noting that it is still in motion.

Shiba Inu Set to Reclaim $0.000014

Last December, prominent analyst Ali Martinez forecasted Shiba Inu’s ascent to $0.000014, contingent upon meeting certain conditions.

He emphasized that the asset required a decisive weekly close above $0.000011, which did not occur. Meanwhile, the analyst noted that in case of failure, a pullback to $0.000008 might precede the bullish breakout to $0.000014.

Interestingly, Shiba Inu has recently touched the $0.000008 range. Whether the asset will progress toward $0.000014, as the two analysts suggested, remains to be seen.

Meanwhile, crypto community members have expressed frustration about the extended waiting period for the projected breakout to materialize.

They lament that the bullish signals formed on SHIB’s chart are rather fickle, with Shiba Inu’s price staying relatively dormant.