Shiba Inu appears to be repeating a familiar market structure, according to a recent technical analysis shared by crypto trader IncomeSharks on X. The analyst highlighted how SHIB’s price history over the past two years reflects a cyclical pattern of short-lived rallies followed by prolonged downturns. At the time of writing, SHIB is trading around $0.00001007, showing little momentum to break free from its extended bearish grip.
Is Shiba Inu’s Market Structure Looking Bearish?
The analyst’s daily candlestick timeframe chart, which tracks Shiba Inu’s daily price action since early 2024, presents a visual timeline of its repeated boom-and-bust movements in recent years.
The first major phase came in early 2024 when SHIB experienced a rapid one-month surge, its biggest move during the observed period. This move took place in just one month and saw the Shiba Inu price break above $0.00004. However, this bullish stretch was quickly followed by a six-month decline between March and September 2024 that erased much of the gains.
The analyst noted that the next significant recovery phase lasted about three months, starting around September 2024 and ending in December, after which SHIB again entered a long-term bearish trend up until the time of writing. This recurring pattern of brief rallies and extended downturns paints a picture of the Shiba Inu price struggling to sustain upward momentum when compared to other cryptocurrencies.
What To Expect If The Pattern Continues
In his post, IncomeSharks summarized this cycle as “basically a two-year-long bear market that started with a wild pump and one little relief rally.” The statement echoes what the chart above shows: one sharp upward move followed by an extended sequence of red candles. As it stands, Shiba Inu is now into about 11 months of downward price action, making this one of its longest bearish phases to date.
If SHIB’s current trajectory remains consistent with the pattern identified by the analyst, the token could face additional months of consolidation or decline before any significant rebound occurs. It also implies that traders hoping for a repeat of any parabolic surges may have to wait longer.
Furthermore, Shiba Inu’s biggest uptrend within the two-year frame lasted just one month. This means that the next major bullish movement, whenever it happens, could arrive quickly but fade just as fast within a month if selling pressure resumes.
This behavior is not limited to Shiba Inu; it reflects a wider sentiment that has gripped the entire meme coin market over the past year. Even Dogecoin, the king of meme coins, has struggled to maintain its momentum above $0.2 despite multiple attempts to reclaim its earlier highs. Each failed breakout has sent ripples across the meme coin sector, dampening enthusiasm and pulling other tokens like SHIB, PEPE, and FLOKI into similar patterns of prolonged correction.
At the time of writing, Shiba Inu is trading at $0.00001007, up by 2.8% in the past 24 hours but down 20% in a 30-day timeframe.
Featured image from iStock, chart from Tradingview.com
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