According to recent technical analysis shared on X by crypto trader Incomesharks, Shiba Inu appears to be repeating a familiar market structure. The analyst highlighted how SHIB’s price history over the past two years reflects a cyclical pattern of short-term gains followed by long-term declines. As of this writing, SHIB is trading around $0.00001007 with little momentum. be free from That extended bearish grip.
Is the Shiba Inu market structure bearish?
Analyst daily candlestick time frame chart, track shiba inu Daily price movements since early 2024 provide a visual timeline of the boom and bust movements that have occurred in recent years.
The first big moment occurred in early 2024, when SHIB experienced a month-long rally. This was the largest movement during the observation period. This move took place in just one month and the Shiba Inu price exceeded $0.00004. However, this bullish growth was quickly followed by a six-month decline from March to September 2024 that wiped out much of the gains.
The analyst pointed out that the next major recovery phase would begin around September 2024 and last for about three months until December, after which SHIB would once again enter a long-term bearish trend, where it remained until the time of writing. A repeating pattern of short-term rises and long-term declines paints a picture of Shiba Inu prices. struggling to maintain upward momentum When compared to other virtual currencies.
What to expect if this pattern continues
In a post, Incomesharks summarized the cycle as “a two-year bear market that basically started with a wild pump and one small bailout rally.” This statement reflects what the chart above shows. That is, one sharp rise is followed by a series of red candlesticks. As it stands, Shiba Inu is in a nearly 11-month bearish phase, making it one of the longest bearish phases to date.
If SHIB’s current trajectory matches the pattern identified by analysts, the token will May face several more months of consolidation Or it could fall before a significant rebound occurs. It also suggests that traders hoping for a repeat of the parabolic surge may have to wait longer.
Additionally, the Shiba Inu’s biggest upward trend in less than two years lasted just one month. This means that The next big bullish move, Whenever that happens, it may arrive quickly, but it could disappear just as quickly, within a month, once selling pressure resumes.
This behavior is not limited to Shiba Inu dogs. This reflects the broad sentiment that has captured the meme coin market as a whole over the past year. Even Dogecoin, the king of meme coins, maintain momentum in the sky $0.2 despite multiple attempts to regain previous highs. Each failed breakout sent ripples across the memecoin sector, dampening enthusiasm and dragging other tokens like SHIB, PEPE, and FLOKI into similar long-term correction patterns.
At the time of writing, Shiba Inu is trading at $0.00001007, up 2.8% in the past 24 hours. It fell 20% in 30 days.
Featured image from iStock, chart from Tradingview.com
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