As the week opened, the SHIB token witnessed adverse price action, forcing its market value to nosedive to a weekly low of $0.00001151. The downtrend was, however, short-lived, as the sentiment across the market shifted, aiding the cryptocurrency’s rebound.
As of this publication, the cryptocurrency was exchanging hands at $0.00001319. This marks an almost 12% increase in the past seven days and nearly 7% in the last 24 hours. This optimistic market outlook mirrors the broader market outlook, which has surged by over 4% to settle within the $2.85 trillion range.
With this rebound in motion, analysts now forecast that this could be the beginning of the much-awaited bullish momentum for altcoins. The real question, however, remains: Is the AltSeason underway?
Analyst Predicts SHIB Could Rally Over 500% To $0.000081
In an X post, Crypto market analyst Javon Marks found what appears to be a massive inverse head and shoulders pattern on the Shiba Inu (SHIB) price chart. According to Marks, SHIB is completing the final stage of the right shoulder, leading the asset toward a potential bullish breakout.
Marks based this update on the technical formation, which indicated that SHIB may be getting ready for a major upward move. This pattern projects a rally of more than 512% from current levels, which could see the token’s price rise to as high as $0.000081. The analysis accompanies a chart illustrating the three classical bullish reversal pattern zones — left shoulder, head, and right shoulder — as seen.
An inverse head and shoulders pattern often indicates a trend reversal, especially after a long negative trend. Besides, Javon’s analysis hints that SHIB’s price action has continued to respect the formation and is hovering right around the support zone that makes up the right shoulder.
A long-term view combined with the pattern spanning several months lends weight to its strength as a technical forecast. While the current price is markedly lower than the target, the chart shows a breakout point emerging that offers compelling upside potential should SHIB break neckline resistance and maintain its structure.
Until the breakout confirms, short-term fluctuations are expected; however, the chart indicates that SHIB could proceed into a powerful uptrend phase. Marks did not specify a breakout timeframe but mentioned the scale of the move given the historic price action and pattern symmetry.
SHIB Funding Rate Signals Growing Bullish Confidence
The bullish outlook for SHIB is further supported by the Open Interest Weighted Funding Rate, which currently stands at 0.0077%. This positive reading reflects the recent price uptick, signaling a shift in market sentiment. Moreover, the rise in funding rate indicates that long traders are willing to pay more to maintain their positions, reflecting growing confidence in SHIB’s trajectory.
This behavior underscores the increasing interest from traders positioning for upward movement. Their willingness to pay a premium suggests market sentiment is strengthening, with expectations for continued momentum. If the funding rate remains positive, SHIB could enter a phase where momentum builds, keeping the market on edge for further price moves.
