Shiba Inu (SHIB) has touched a critical support trendline that has repeatedly marked the beginning of major rallies.
According to a new analysis from TradingView analyst Akbarkarimzsfeh, SHIB’s latest price decline may be setting the stage for another strong upside move.
With bitcoin (BTC) hitting four-month lows this week, the broader crypto market remains weak, with SHIB dropping more than 3% in the last seven days. Its 11-month consolidation continues, with the memecoin recording a 17% monthly decline and a 27% drop in the last 90 days at the time of writing.
As reported by Nitadel, the declining activity on Shiba Inu’s layer-2 scaling solution, Shibarium, has contributed greatly to SHIB’s extended price decline. As of November 8, SHIB sits in 23rd place on the global crypto market cap ranking with a valuation of $5.8 billion.
SHIB set for a “Rocket” Price Action
Despite the downturn, the analyst highlights a long-term bullish structure. Since launch, SHIB has trended inside a large descending triangle.
Each time the token touches the lower boundary of this multi-year pattern, it later stages a sharp rebound. This setup appeared before SHIB’s explosive moves in 2021 and early 2024.
Before each major breakout, SHIB formed a smaller compression pattern. In 2021, it built a symmetrical triangle. In early 2024, it moved inside an ascending channel. The current market structure shows a similar setup forming again.
SHIB is now trading inside a smaller descending channel that started from the May peak of $0.00001765.On October 10, the token briefly dropped to $0.00000678 on Binance.
This sharp wick mirrors moves that happened before earlier rallies. The analyst notes that these sudden drops have often signaled the start of strong price action.
“Whenever it hits the green support line, it becomes a rocket,” Akbarkarimzsfeh wrote. “Before it becomes a rocket, it also formed a green compression pattern and reached the ceiling by breaking out of the ceiling of the pattern,” he added.
Possible Targets if SHIB Breaks Out
For Shiba Inu to confirm a bullish reversal, it must break out of the current consolidation zone. The key level sits at $0.000013373, which is about 48% above the current market price near $0.00000902.
A breakout above this zone could send SHIB back to the upper edge of the long-term descending triangle. The analysis points to two major upside targets: $0.00002754 and $0.00003329, a potential 205% and 269% gains respectively.
Aligning with SHIB price predictions shared by Bitget CEO and 25 crypto experts, these targets show price levels last seen during the Donald Trump–driven rally in December 2024.
Although SHIB remains in a correction phase, historical behaviour shows that this pattern has often acted as the beginning of major upward moves. If the structure repeats, Shiba Inu may be nearing another breakout.
At the time of writing, SHIB is trading at $0.0000977, marking a 4.79% gain in the last 24 hours and 54.74% drop year-to-date (YTD).
