Popular meme token SHIB recently broke out of a downtrend that has persisted since December 2023, and current price action points to a consistent surge in the coming months. Analysis of the crypto’s trend indicates the formation of lower highs since reaching $0.00001195 on December 17th, exasperated by a period of consolidation within the entire crypto market. 

However, the current inflow across various cryptocurrencies seems to have flowed into SHIB, pushing the crypto into a breakout over the top of its 2-month downtrend. Consequently, technical analysis and previous performance suggests a continued surge between 50% and 70% for the next few months.

Historical Data Shows Gains After Previous Breakouts

Examining the price movement of SHIB throughout 2023 on a daily candlestick timeframe appears to highlight a recurrent pattern. Typically, the token has gone through bouts of downtrends lasting for a few months before going on an uptrend in the months after. Notably, each downtrend cycle saw the formation of lower highs.

Shiba Inu currently trading at $0.00000951 on the daily chart: TradingView.com

The last time this happened, SHIB went on a downtrend from August to October, before going on a 64% increase that lasted until December. Since then, the crypto has been stuck in a downtrend with lower highs and a consistent low around the $0.0000085 suggesting a tiring momentum from the bears. The recent breakout was brought to light on social media platform X by crypto analyst Crypto Rand.

$SHIB looking amazing here after the bullish breakout: pic.twitter.com/NpaKJCYdKG

— Crypto Rand (@crypto_r

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Author: Scott Matherson

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