🔥 Analyst Provides Timeline For Shiba Inu Price to Reach 2024 Highs
Shiba Inu price remains under pressure this week, as the recent rebound faced substantial resistance at $0.00001520. While the coin’s outlook is neutral for now, an analyst has identified a harmonic chart pattern that points to an eventual rebound, potentially to its 2024 high of $0.000033. Such a move would signal be a 147% surge from today’s level.
SHIB price today trades at $0.00001345 and is experiencing subdued demand as its 24-hour volume was just $152 million. In contrast, smaller meme coins like Pepe, Official Trump, Bonk, and Fartcoin had a higher volume.
🔸 Analyst Sees an Eventual Shiba Inu Price Surge, Citing the XABCD Pattern
Waheed Ahmed, an anonymous crypto analyst, expects the Shiba Inu price to stage a strong comeback this year, eventually. He argues that it has formed the harmonic XABCD pattern, which could trigger a strong surge later this year.
The chart below replicates Ahmed’s SHIB prediction. This chart shows that the SHIB price was in a slow uptrend between January 2023 and February 2024. It then went parabolic and hit a high of $0.00004540. This price forms the X and the starting point of the pattern.
It then dropped to $0.000011 in August 2024, a level that formed the A part of the section. B is the highest swing in 2024, while C is the year-to-date low. Therefore, if the pattern works well, it means that the Shiba Inu price will eventually rise and retest the highest point in 2024 at $0.00003345.
The caveat of this SHIB price forecast is that it is based on the weekly chart, where each bar represents a week. As such, it means that the timeline for the coin to get to the 2024 high may be long. For example, moving from B to C has taken over four months. As such, moving from C to D may take a few months.
A likely scenario is where it happens in the fourth quarter, which is usually a good period for Ethereum and tokens in its ecosystem, as the chart below shows.