Shiba Inu (SHIB) Price Eyes March Top as Chart Hints at Breakout

Shiba Inu's price action has not gone unnoticed as it developed a falling wedge pattern on its chart. Analyst Mihir highlights March 2024 as a potential key level for the cryptocurrency.

Shiba Inu (SHIB) price may rally another 600% from current levels if a breakout from a massive technical pattern succeeds.

Shiba Inu (SHIB) price action continues to fascinate traders as it sparks conversation about an impressive technical formation on its chart. The meme cryptocurrency is eyeing March 2024 as a potential key level, according to analyst Mihir.

Together with SHIB’s price movements, consolidation and breakout trends are also grabbing attention as the cryptocurrency trades above critical resistance zones. Here's a closer look at the technical analysis and what it may mean for SHIB.

SHIB Chart Analysis: Falling Wedge Breakout Sparks Optimism

A glance at the SHIB chart reveals a falling wedge pattern that formed between March and mid-August 2024. Falling wedges are typically associated with potential bullish reversals, and SHIB followed suit, breaking out of this structure in late August.

During the wedge formation, SHIB price trended downward, reaching its lowest point around mid-August. Interestingly, the market downturn signaled a positive shift, countering the common narrative. Right now, the price is hovering between 0.00000022 and 0.00000023, which seems to be a period of stabilization. This could indicate that investors are gathering resources before another upward movement. Considering the current price, it might be the calm before a potential price increase.

Support and Resistance Zones Define the Path Forward

The meme coin's price movements have established clear support and resistance zones. The base of the wedge, located around 0.00000015-0.00000016, provided firm support during the downtrend. The upper boundary of the wedge and the breakout target near 0.00000043 now serve as key resistance levels.

Volume data also supports the breakout narrative. A noticeable increase in trading volume accompanied the breakout, signaling strong interest. Current consolidation with lower volumes reflects market indecision but hints at potential momentum building.

March 2024 Identified as a Target Level

Mihir's tweet highlights March 2024 as a potential peak for SHIB. This projection may align with broader market cycles or project-specific developments, making it a closely watched timeframe for traders. According to the analyst, maintaining the current breakout zone is essential for SHIB's price to achieve its long-term targets.

The tweet emphasizes that SHIB is actively “looking for” this level, suggesting that current price movements are pivotal in determining its trajectory. Traders are monitoring consolidation and breakout trends for further confirmation.

SHIB's falling wedge breakout has positioned the token for potential gains as technical patterns align with bullish sentiment. While the consolidation phase continues, traders are optimistic about the possibility of further upward moves. With March 2024 as a projected milestone, SHIB remains on the radar of crypto enthusiasts seeking breakout opportunities.