Interestingly, this pattern repeated again in early 2024 when the price surged by over 501% after another extended accumulation stage. Both cycles were characterized by weeks of sideways action, followed by sudden vertical rallies that took SHIB to new highs in a short span of time.
If history repeats, the next move could cause another Shiba Inu price explosion on the weekly candlestick timeframe. According to the analyst’s projection, the massive expansion would see the Shiba Inu price increase by 650%, which would see it reach a target of $0.00009.
This level coincides with the chart’s projection for a new all-time high, as it would see Shiba Inu break above the peak of $0.00008616 that has held since 2021. The projection is based on measuring past expansions and overlaying an average of the two on the current price structure.
Although the projected 650% increase is less than the 1,150% rally witnessed by Shiba Inu in the 2021 rally, the volume needed in this case would be far greater.
At the time of writing, Shiba Inu is trading at $0.00001236, down by 3.8% in the past 24 hours.
