Shiba Inu Charts Show Bullish Inverse Head-and-Shoulders Pattern Forming

A recent analysis by Crypto Sat, a technical analyst, has highlighted a classic inverse head-and-shoulders pattern forming on the Shiba Inu chart. This formation is considered a bullish signal, indicating that selling pressure may be nearing exhaustion and paving the way for a potential price increase.

The pattern is in its late formation phase, with the left shoulder formed around $0.00000616, the head around its multi-year low of roughly $0.00000510 on February 6, and the right shoulder near $0.00000614. For the pattern to be confirmed, Shiba Inu needs to break above its neckline resistance at $0.0000070-$0.0000072.

According to Crypto Sat's analysis, breaking and closing above $0.0000072 with volume will confirm the pattern and set the stage for a potential price increase. From there, Shiba Inu may aim for a quick push to $0.0000078 before a measured move to $0.0000085, then to $0.0000090.