Prominent Market Analyst Predicts a Shiba Inu Rally to December 2024 Highs

A prominent market analyst has predicted a Shiba Inu rally to December 2024 highs in the near term amid an imminent descending channel breakout.

Prominent market analyst predicts a Shiba Inu rally to December 2024 highs in the near term amid an imminent descending channel breakout.

The seasoned analyst, who is followed by over 108,000 on X (formerly Twitter) and known online as World of Charts, shared the promising price outlook on Wednesday.

Predicting a near price breakout for the meme coin, World of Charts asserted in a recent post that Shiba Inu is rapidly breaking out on the 12-hour SHIB/USDT chart.

“We're also seeing a nice 11% weekly gain for SHIB as it approaches the apex of a multi-month descending channel (highlighted in purple) following a 5-day price increase.

A sustained move above the channel's upper resistance trendline could open the door for a substantial 2x rally to $0.0000340 in the coming days.”

Notably, the commentary follows Shiba Inu’s recent shift in momentum from earlier prevalent bearishness to a bullish disposition.

As the asset has now increased in five consecutive days for the first time since late September, it has grown 13% in this period.

The analysis also highlighted that the channel began following Shiba Inu’s December 8 high of $0.00003343, with the structure keeping price action in lower highs and lower lows.

Moreover, SHIB faked a bearish breakdown with its February 3 steep decline to $0.00001160 but bounced back within the wedge.

However, with the meme token now testing the apex of the channel following a 112% rally from 2024 lows, a breakout could propel SHIB to December 2024 highs.

At the current market price, SHIB would surge 136% to hit the analyst’s target after a successful breakout.

SHIB price is currently at $0.00001445.