Shiba Inu seems to be retracing its steps through a well-trodden market structure, as highlighted by recent technical analysis from crypto trader IncomeSharks on X. The observation underscores SHIB’s price activity over the last two years, which exhibits a cyclical trend of brief bursts of momentum followed by daunting periods of decline. As of now, SHIB is priced at approximately $0.00001007, struggling to gain ground amidst an ongoing bearish trend.
Is Shiba Inu’s Market Structure Looking Bearish?
The daily candlestick chart shared by the analyst charts Shiba Inu’s price dynamics since early 2024, vividly illustrating the cryptocurrency’s boom-and-bust cycles. The first significant surge occurred at the beginning of 2024, where SHIB experienced a rapid ascent, with a notable one-month rally that propelled its price above $0.00004. Yet, this optimistic stretch was swiftly countered by a six-month downturn, from March to September 2024, that substantially wiped out those gains.
The analyst further remarked that another recovery phase set in around September 2024, lasting about three months, only for SHIB to succumb to another long-term bearish trend until now. This ongoing pattern of fleeting rallies contrasted with lengthy downturns highlights the challenges SHIB faces in maintaining upward momentum in comparison to its crypto counterparts.
What To Expect If The Pattern Continues
IncomeSharks summarized this recurring cycle as a “two-year-long bear market that started with a wild pump and one little relief rally.” The chart illustrates a sharp surge immediately followed by a series of declining candles. Currently, Shiba Inu finds itself amidst nearly 11 months of consistent downward price action, marking one of its longest bearish phases in recent memory.
If SHIB continues along the trajectory identified by the analyst, it could potentially endure additional months of consolidation or further decline before a significant rebound takes shape. This perspective suggests that traders eager for another drastic surge may need to exercise patience, as the historical data indicates a trend of brief spikes followed by prolonged corrections.
Notably, SHIB’s previous uptrend within the two-year period lasted merely one month, implying that the next major bullish movement could be equally ephemeral, arriving swiftly before fading under the pressure of renewed selling.
This pattern extends beyond Shiba Inu, reflecting broader sentiment prevalent across the meme coin landscape in the past year. Even Dogecoin, the frontrunner in the meme coin arena, has struggled to stay above $0.2, thwarted in its attempts to regain former highs. Each failed breakout sends tremors through the meme coin ecosystem, suppressing enthusiasm and dragging down other tokens such as SHIB, PEPE, and FLOKI into similarly extended corrections.
As of the latest updates, Shiba Inu is trading at $0.00001007, marking a 2.8% uptick in the past 24 hours, yet it remains down 20% over the past 30 days. The market remains choppy and the future uncertain, as traders monitor for any shifts in SHIB’s fortunes amidst an increasingly volatile landscape.
