SHIB at Crossroads: Technical Patterns Signal Major Move

• Shiba Inu tests rising channel support amid mixed signals across different timeframes.
• Technical patterns suggest a potential breakout, while sentiment indicators remain bearish.
• Analysts divided between imminent correction and possible run toward previous ATH.

Shiba Inu (SHIB) shows an interesting technical setup, with the token showing contrasting price movements across different timeframes. The meme coin has gained 2.4% in the last 24 hours while experiencing a 4.7% decline in the past week and a steeper 23.1% drop over the monthly timeframe.

Current price action places Shiba Inu within a seven-day range of $0.00001492 to $0.00001712, marking a considerable distance from its all-time high of $0.000086 reached in October 2021. This is an 81.7% decline from peak levels, creating a foundation for technical analysts to identify potential recovery patterns.

According to Raven Cartel, who analyzed SHIB on the weekly timeframe, the token could spark another meme cycle. The analysis indicates that while SHIB remained relatively quiet during the previous meme token surge, upcoming months could bring more dynamic price action.

Technical analyst Token Talk offers a different perspective, identifying a rising channel formation, with SHIB testing crucial support levels. This pattern typically suggests a continuation of the upward trend if support holds, though a breakdown could trigger further selling pressure. The importance of this support test increases, given the token’s recent price volatility.

JAVON MARKS presents perhaps the most bullish outlook, identifying a breakout from a falling wedge pattern. This technical formation often precedes substantial price increases, with MARKS projecting a potential 422% surge that could take SHIB to $0.00008841 or higher, approaching previous all-time highs.

However, Coincodex’s analysis introduces a more cautious perspective. Their short-term prediction suggests a 1.43% decline to $0.00001530 by March 23, 2025, indicating bearish sentiment. 

Related: Will SHIB Drop or Rally? Levels to Watch Closely This Week

The past month’s performance adds context to these predictions, with SHIB recording 10 green days out of 30, representing a 33% positive day ratio. Price volatility reached 10.23% during this period, showing the token’s characteristic price swings. For traders and investors, these mixed signals warrant careful consideration. The presence of both bullish technical patterns and bearish short-term predictions suggests a market at a potential inflection point.  

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