Shiba Inu Bulls Spring Into Action Following Breakout—Upcoming Price Goals

Shiba Inu (SHIB) displayed a classic inverted head-and-shoulders pattern on its daily chart earlier this spring, with Tuesday’s trading indicating that the formation has successfully completed the breakout and retest phase identified by an independent analyst.

Shiba Inu Finalizes iH&S Structure

This pattern emerged through three notable troughs: a left shoulder that dipped slightly above $0.00001082 in mid-March, a head that reached approximately $0.00001030 in early April, and a right shoulder that encountered support around $0.00001230 in early May. This sequence unfolded over more than two months, culminating in a significant increase on May 8, whereby the price broke through the neckline with a prominent green candle.

The momentum from this breakout propelled SHIB to approximately $0.00001765, its highest point since early February, before profit-taking prompted a typical “throwback.” In subsequent sessions, the token pulled back into the neckline area, where demand has thus far absorbed the supply, establishing this zone as a new support between $0.00001400 and $0.00001470. The successful retest fulfills the final condition many analysts look for to confirm the completion of the pattern.

Further Insights

When measuring from the head’s peak to the midpoint of the neckline, the vertical height of the structure is around $0.0000037. Applying this measurement to the breakout point confirms the recent peak at $0.00001765.

The analyst summarized the situation succinctly: “SHIB daily – inverted H&S breakout completed. Suggests a bullish continuation.” With the neckline serving as a springboard, the forthcoming price movements will reveal whether the bulls can capitalize on this momentum to achieve additional gains, or if the bears will succeed in pushing the token back into its previous trading range.

Further Insights

SHIB Price Projections

Potential upward targets can be identified using Fibonacci retracement levels. By anchoring the grid to last summer’s peak of $0.00004569 and March’s low of $0.00001030, a 23.6 percent retracement emerges at $0.00001865, which marks the secondary technical checkpoint, trailing only the 200-day EMA at $0.00001603.

If buyers can reclaim both levels on a closing basis, the route will likely lead to $0.00002382 (38.2 percent) and the midpoint at $0.00002799, which coincides with the lower boundary of last December’s trading zone. Beyond this, the golden ratio at $0.00003217 and the 78.6 percent retracement at $0.00003811 present significant barriers before any attempts to challenge previous peaks.

On the other hand, failing to hold the neckline support around $0.00001430 would undermine the bullish outlook and shift short-term risk towards the 50-day EMA near $0.00001399, ultimately returning to the cycle low at $0.00001030. Until this downside threshold is breached, the Fibonacci analysis indicates that buyer momentum remains tilted towards a return to the high teens and potentially low twenties in the coming weeks.