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

An analyst believes that Shiba Inu is currently forming a bullish pattern, predicting a potential increase of 0.000040 dollars. Shiba Inu may be on the verge of a significant price increase, as an analyst emphasizes that this token is currently forming a bullish pattern with a potential 35% price increase. This week is a big 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. However, after the second rejection from this supply zone, the token price has decreased by 11.2%, currently trading at around $0.00002968. Despite the general market downturn, the prospects for Shiba Inu remain optimistic. Shib Knight analyst pointed out that the price chart of this token continues to show bullish characteristics. He noted that Shiba Inu is forming a price increase pattern, indicating a breakthrough ahead. In his analysis, Shib Knight pointed out that the SHIB/USDT chart resembles an ascending triangle, narrowing at the top. It is believed that when this model is completed, the price of Shiba Inu could increase by about 28.92%, potentially reaching $0.000040.

To further reinforce this optimistic mindset, analyst Guru Asymmetric has shared his view on the prolonged descending triangle pattern forming on the weekly chart. This pattern originates from the all-time high in 2021, indicating an imminent breakthrough that could lead to a significant price increase. He speculates that if Shiba Inu can surpass the resistance level at $0.000033, the price could skyrocket to $0.00007593, with interim targets at $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. DYOR! #Write2Win #Write&Earn $SHIB {spot}(SHIBUSDT)