- SHIB has declined 41% year-to-date amid broader crypto market weakness, with Ethereum posting its worst Q1 since 2018.
- A Bearish Gartley harmonic pattern has formed on SHIB's daily chart, suggesting potential bullish momentum toward pattern completion.
- SHIB bounced from $0.00001031 support and is currently trading around $0.00001249, advancing through the CD leg of the pattern.
- The pattern suggests a potential 27% upside move to $0.00001592 target, though traders should expect possible reversal at that level.
Date: Sun, April 20, 2025 | 07:25 PM GMT
The cryptocurrency market has been under intense selling pressure recently, with Ethereum (ETH) posting its worst Q1 since 2018, sliding more than 45% and down a total of 52% this year. That bearish wave swept across major memecoins too — and Shiba Inu (SHIB) wasn’t spared either, declining by 41% year-to-date.
But now, there’s a glimmer of hope.
A classic harmonic pattern has emerged on the SHIB chart, hinting that the popular memecoin could be gearing up for more upside in the near term.
Harmonic Pattern Suggests Continuation of the Rebound
The daily chart for SHIB shows the formation of a Bearish Gartley pattern — a structure that typically signals a strong bullish move toward pattern completion before any major reversal risk.
SHIB’s sharp decline began around February 12, after it failed to hold above the $0.00001732 resistance level (marked as point X). Since then, the token has shed nearly 40% of its value, eventually bottoming out near $0.00001031 on April 7 (marked as point C).
The recent price action suggests SHIB is now advancing through the CD leg of the pattern. After bouncing strongly from $0.00001031 (C), SHIB is currently trading around $0.00001249 — the final wave that often precedes a significant short-term rally.
If the pattern plays out, the next major upside target lies near $0.00001592, where point D completes the Gartley structure. A move from current levels to D would represent a potential gain of about 27%.
What’s Next for SHIB?
If bulls can maintain control, SHIB could climb steadily toward the $0.00001592 resistance area in the coming days.
However, traders should be cautious once prices approach this level, as harmonic trading strategies often expect a reversal after the D point is hit.
Overall, the chart structure suggests that Shiba Inu could still have some room to run before any major correction — but smart positioning and profit management will be key.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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