Shiba Inu Nears Another Falling Wedge Breakout—It Surged 455% the Last Time

Shiba Inu is close to a breakout, and historical context shows it delivered a staggering price upsurge the last time.

After nearly one month, Shiba Inu recorded consecutive green daily closes yesterday. While the candlestick shows a higher price rejection, the meme coin grew by 4%, building on its over 2% rise on Monday. Meanwhile, beneath this price action is a more optimistic move in its formative stage.

Key Points

• Shiba Inu is close to a breakout, and historical context shows it delivered a staggering price upsurge on the previous occasion.
• The $SHIB/$USDT 12-hour chart highlights that the token is close to breaching another falling wedge-like structure after months of accumulation.
• Shiba Inu has been suppressed within this wedge since its December 2024 high of $0.00003343.
• History shows that, during the previous occurrence, the Shiba Inu token surged over 455% from its breakpoint.
• Shiba Inu could be gearing up to “do it all over again,” with a similar move targeting $0.0000311.

Shiba Inu Targets Breakout

Market expert Javon Marks highlighted a potential price breakout on the $SHIB/$USDT 12-hour chart. He highlighted that the meme coin is close to breaching another falling wedge-like structure after months of accumulation.

An accompanying chart provides more context, showing that Shiba Inu has been suppressed within this wedge since its December 2024 high of $0.00003343. It has since made lower highs and lower lows, with the pattern’s upper resistance and lower support curtailing upward and downward price swings.

Shiba Inu Within Falling Wedge-Like Structure/Javon Marks

Meanwhile, the channel has progressively compressed, with long candles replaced by shorter ones, signaling that volatility is reducing. Usually, this hints at an imminent breakout, targeting higher prices.

History Provides Bullish Context

Marks noted that the breakout would see $SHIB deliver huge gains, drawing on historical context. The analysis highlighted that during the previous occurrence, the token surged over 455% from its breakpoint.

Precisely, this occurred in October 2023, after $SHIB had consolidated in the wedge for 18 months. It entered this structure in April 2022 after a lower-high push that peaked at $0.0000300. The wedge suppressed prices, with compression also hinting at the end of the consolidation.

After the breakout, Shiba Inu rallied over 455% to its March 2024 high of $0.00004567. This culminates in a 5.6x move, largely rewarding those who bought within the structure.

Shiba Inu Could Do It All Over: Analyst

According to Marks, Shiba Inu could be gearing up to “do it all over again.” This suggests a repeat of or a similar move to the 455% uptick.

At the time of writing, $SHIB trades at $0.00000560. A 455% growth would take the token to $0.0000311, deleting one zero from the current price. Interestingly, this closely aligns with the December 2024 high of $0.000033.

However, for this to happen, the meme coin would have to revert from the glaring bearish trend. Notably, $SHIB has corrected for seven consecutive months and is already down 3.3% in March. Unless capital returns and the broader crypto market show signs of stabilization, the token may not be able to post such a decisive uptick.