- Kamran Asghar identifies Shiba Inu breakout pattern occurring for third time
- SHIB accumulated since late January after falling to $0.00001471 support
- Target of $0.0000900 would create new record high with 619% gains
Analyst Kamran Asghar has identified a recurring consolidation-breakout pattern on Shiba Inu’s weekly chart that could lead to another parabolic price expansion.
The pattern involves extended accumulation phases followed by explosive upward movements, which has occurred twice since 2021 according to his technical analysis.
The most recent consolidation phase began in late January after SHIB declined to $0.00001471, creating what Asghar characterizes as a rectangular trading range. This accumulation period has lasted several months, similar to previous cycles that preceded major price surges in the meme cryptocurrency.
Historical Pattern Shows 501% Gains From Previous Breakout
The previous accumulation phase extended through February 2024, when Shiba Inu broke out and rallied to $0.00004563 in March 2024. Asghar’s chart analysis indicates this breakout produced a 501% price increase from the consolidation range lows.
The analyst suggests this pattern creates a framework for projecting potential future performance if the current consolidation phase concludes with an upward breakout. Historical precedent shows these accumulation periods can persist for extended timeframes before resolution occurs.
However, technical analysis patterns don’t guarantee future performance, and meme cryptocurrency prices remain highly volatile and subject to sentiment-driven movements that may not follow historical patterns.
$0.0000900 Target Would Establish New Records
Asghar’s projection targets approximately $0.0000900, which would represent a 619% increase from current prices around $0.0000251 and establish a new all-time high for Shiba Inu. This target assumes the consolidation-breakout pattern repeats with similar magnitude to previous cycles.
The analyst believes the current accumulation phase may be nearing completion, though exact timing remains uncertain. Breakout confirmation would require sustained trading above the established range resistance levels.
Such ambitious price targets require substantial buying pressure and market participation that may not materialize even if technical conditions appear favorable. Meme cryptocurrencies face particular challenges in sustaining major rallies without fundamental developments or sustained community engagement.
Source: https://thenewscrypto.com/shiba-inu-analyst-projects-rally-to-new-all-time-high-based-on-pattern-analysis/
