Analysts believe that Shiba Inu is currently forming a price increase pattern.

An analyst believes that Shiba Inu is currently forming a price increase pattern, predicting a potential increase of 0.000040 dollars. Shiba Inu may be on the verge of a significant price increase, as an analyst emphasized that the token is currently forming a bullish pattern with the potential for a 35% price increase. This week is an eventful week for Shiba Inu, the second largest meme coin by market capitalization. The price started rising in a positive direction on December 1, but there was a slight correction after hitting resistance on Sunday. The price then attempted to retest the nine-month resistance level at 0.00003300 dollars. However, after the second rejection from this supply zone, the token price has dropped by 11.2%, currently trading at around $0.00002968. Despite the general market downtrend, the outlook for Shiba Inu remains optimistic. Shib Knight analyst has pointed out that the price chart of this token continues to show the characteristics of price increase. Please note that Shiba Inu is forming a bullish pattern, indicating a potential breakout ahead. In his analysis, Shib Knight pointed out that the SHIB/USDT chart resembles an ascending triangle, narrowing upwards over time. It is believed that when this model is completed, the price of Shiba Inu could increase by about 28.92%, potentially reaching 0.000040 dollars.

To further strengthen this optimistic mindset, analyst Guru Asymmetric shared his view on the descending triangle pattern extending over several months forming on the weekly chart. This pattern originates from the all-time high in 2021, indicating that an imminent breakthrough could lead to a significant price increase. He predicts that if Shiba Inu can break through the resistance level of $0.000033, the price may soar to $0.00007593, with temporary targets of $0.00003567, $0.00004244 and $0.00005105 throughout the process.

This price increase would equate to a staggering increase of up to 156% from the current market price. As of now, Shiba Inu prices are down slightly by more than 5% over the past 24 hours, but technical indicators suggest that bullish momentum may be imminent.