Shiba Inu’s Massive 9% Surge, But Lags Behind XRP and Dogecoin

• Shiba Inu is recovering, up 9% today, but lags behind XRP and Dogecoin in the past week.
• Analysts forecast a breakout from a symmetrical triangle formation, potentially pushing SHIB to $0.00023.
• Crypto experts are confident that a significant surge is imminent, with predictions for the breakout to occur soon.

Shiba Inu (SHIB), the meme coin often overshadowed by larger assets like XRP and Dogecoin, is showing promising signs of a potential price surge. Over the past few days, SHIB has displayed impressive resilience, quickly recovering from a minor 3.17% correction on Thursday. Today, it rebounded with an impressive 9% upsurge, bringing its price to $0.00002413.

Despite the recent recovery, Shiba Inu lags behind the broader cryptocurrency market. In the past week, SHIB’s price increased by just 8%, while XRP surged by 43%, and Dogecoin gained 18%. However, market analysts are closely watching Shiba Inu for signs of a larger move.

A deeper look at SHIB’s chart reveals a compelling pattern that signals a potential breakout. According to the well-regarded TradingView analyst SimpleTrader2018, Shiba Inu is currently within a symmetrical triangle formation on its monthly chart. This compression phase, lasting for about six months, started after SHIB hit lows of $0.00001083 in August 2024. Since then, SHIB has been consolidating, briefly peaking at $0.00003341 in December before returning to a tighter range.

SimpleTrader2018 suggests that once SHIB breaks out of this structure, it will likely experience a substantial rally within one or two months. The analyst is confident that the momentum is shifting, and SHIB could soon regain its bullish energy.

Shiba Inu’s $0.00023 Target

Other analysts share a similarly bullish outlook for SHIB. CryptoELITE, a market commentator, highlighted Shiba Inu’s technicals as favorable for an explosive surge. According to his analysis, SHIB could see a tenfold increase, targeting a price of $0.00023 following a breakout. This prediction is based on the meme coin’s formation of a symmetrical triangle, dating back to March 2024 when SHIB briefly hit $0.00004567.

In support of this view, market expert Alan Santana has also set a price target of $0.00023 for Shiba Inu, suggesting that this rally will unfold within this year. Both analysts believe that Shiba Inu’s breakout is imminent, with significant upside potential for those closely watching the coin.

Shiba Inu has been experiencing healthy price accumulation, signaling that it may be on the verge of a breakout. With analysts predicting an explosive rise to $0.00023, the coming months could be pivotal for SHIB holders. As the price holds steady today with a 9% gain, all eyes are on its next move in the broader market.