Shiba Inu Shows 17% Potential Gain With Bullish Triangle Pattern

Shiba Inu, a popular meme coin, is currently exhibiting several bullish technical signals that suggest a potential price rally in the near future. Market analysts have identified multiple bullish patterns forming on SHIB charts across different timeframes, indicating that the token could be poised for a significant breakout after weeks of consolidation.

One of the key patterns identified is a symmetrical triangle formation on Shiba Inu’s four-hour chart. This pattern, recognized by technical analyst Ali Charts, typically signals an upcoming breakout with potential for substantial price movement. According to Ali’s analysis, if the triangle breaks upward, SHIB could reach approximately $0.0000165, representing a 17% increase from current trading levels around $0.0000132. The triangle pattern shows SHIB consolidating between converging trend lines, and traders often place entry orders at breakout points to capitalize on the momentum. The pattern’s height provides the basis for the 17% price projection.

Current SHIB price action centers around key Fibonacci retracement levels that define important market structure. The token trades near the 0.5 Fibonacci level at $0.00001474, which acts as short-term resistance. Meanwhile, the 0.382 level at $0.00001412 has provided consistent support during recent pullbacks. Higher Fibonacci levels present additional targets for bullish scenarios. The 0.618 level sits at $0.00001538, while the 0.786 level reaches $0.00001633. These zones could serve as profit-taking areas if SHIB breaks above the current resistance. However, a breakdown below $0.00001430 support might open paths to lower targets at $0.00001340 and $0.00001231.

Adding to the positive outlook, analyst Jessica Ghaney spotted a bullish pennant pattern forming on SHIB’s four-hour timeframe. Pennant formations typically indicate trend continuation after brief consolidation periods. The pattern suggests SHIB may be preparing for another upward move following its recent sideways trading. Ghaney expects a breakout to materialize soon based on current market conditions. Bullish pennants often resolve with price moves equal to the preceding flagpole’s height. The analyst anticipates approximately 10% gains once the breakout confirms. This technical setup aligns with other bullish signals emerging across SHIB charts.

Despite short-term weakness, with the token declining 3.20% in the past 24 hours and dropping 4.77% over the last seven days, technical patterns suggest underlying strength may soon emerge. The support at $0.00001412 holds firm, reinforcing bullish setups despite recent pullbacks. Overall, the current market conditions align with historical patterns that often precede major price movements, indicating that Shiba Inu could be on the verge of a significant rally.