Recent analysis suggests Shiba Inu is selling at a massive discount, as possible fractal repetition could ensure it rallies to unprecedented prices.
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Analyzing the Shiba Inu chart in a TradingView commentary yesterday, market watcher “SABoikie” emphasized the memecoin’s bullishness if it repeats a fractal price action from the previous cycle. His analysis highlighted a possible rally to an extended resistance trendline on the weekly timeframe if the growth pattern from the last cycle repeats.
A Good Buy Regardless
The second-largest meme coin by market cap recently gained momentum alongside the broader cryptocurrency market, rallying by nearly 15% since the start of the week. With its bullish price action continuing today, Shiba Inu is on track for its eighth consecutive green day, according to market data.
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Nonetheless, the asset is still miles away from its yearly high and all-time high. As a result, analyst “SABoikie” views a SHIB accumulation at this point as a good buy. Furthermore, he predicts that the token might repeat the success of its last cycle with a similar fractal pattern.
An accompanying chart shows that the token broke out from a wedge in September 2021, accompanied by a rally to an ascending trendline, which marked its peak and current all-time high at $0.00008854. While prices have retraced over 84% from the high, SHIB seems to be forming a similar fractal pattern.
The doggy-themed meme coin is trading below a falling trendline, which kicked in after its early December high of $0.00003343, with its recent uptrend drawing it closer to the tip of the supply zone. While the analyst admitted that the asset faces strong resistance at this point, he stated that a break above $0.000014 would ensure Shiba Inu enters a consolidation phase again.
Per the chart, SHIB would target the ascending trendline, where it peaked in the last cycle upon breakout. Notably, this trendline currently lies above $0.00010, suggesting a rally of over 607% from the current market price if SHIB captures it.
Interestingly, analysts like “illagodzilla” and “Cap. Parabolic Turbulence” support this price target, with the commentators predicting a rally to $0.000173 and above $0.00010, respectively.
Shiba Inu Targets $0.000015 Next?
Meanwhile, analyst Lingrid has highlighted positive Shiba Inu price actions, suggesting further upside. In a Wednesday analysis, he stressed that the bullish momentum would push SHIB back towards March’s price high.
She stressed that Shiba Inu formed a double bottom in early April and has bounced from the support around $0.00001028 to trend on an ascending wedge. Most recently, it retested the bottom of the trendline, with the support at $0.00001250 holding firm.
Moreover, the token regained momentum from this support to break and close above another crucial support level at $0.00001313. Amid the momentum, the analyst predicts further upsides, with the next target an uptick to $0.000015.
In the meantime, SHIB trades at $0.00001414, up 3% today.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
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