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Shiba Inu (SHIB) exhibited a classic inverted head-and-shoulders pattern on the daily chart this spring, and Tuesday’s activity indicates the configuration has now undergone the complete breakout-and-retest process highlighted by independent analyst Cantonese Cat (@cantonmeow).
Shiba Inu Finalizes iH&S Structure
The pattern formed through three distinct dips: a left shoulder that reached a low just above $0.00001082 in mid-March, a head that touched about $0.00001030 in early-April, and a right shoulder that established support near $0.00001230 during the first days of May. This sequence outlined an arc lasting over two months, culminating in a significant upward movement from May 8 that pushed the price past the neckline with a long, solid green candle.
Momentum from that breakout propelled SHIB as high as the $0.00001765 range—its highest rate since early-February—before profit-taking prompted a standard “throwback.” In recent sessions, the token has fallen back into the neckline area, where buying interest has currently sustained supply, affirming the level as a new support zone between $0.00001400 and $0.00001470. The successful retest is the final requirement many analysts look for before declaring the pattern fulfilled.
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Measured from the head’s peak to the midpoint of the neckline, the vertical span of the structure is around $0.0000037. Applying that measurement to the breakout area confirms the local peak at $0.00001765.
Cantonese Cat succinctly summarized the setup: “SHIB daily – inverted H&S breakout pattern completed. Favors bullish continuation.” With the neckline now serving as a launching point, price behavior over the coming sessions will reveal whether bulls can convert the technical triumph into fresh upward movement or if bears manage to drag the token back into the previous trading range.
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SHIB Price Objectives
Potential upside targets can be identified using Fibonacci retracement levels. Anchoring the grid to last summer’s $0.00004569 high and the March swing low at $0.00001030 establishes a 23.6 percent retracement at $0.00001865, which serves as the second technical waypoint, only after the 200-day EMA at $0.00001603.
If buyers can reclaim both lines on a closing basis, the roadmap indicates a trajectory toward $0.00002382 (38.2 percent) and the midpoint level at $0.00002799, which aligns with the lower boundary of December’s congestion area. Beyond that, the golden-ratio mark at $0.00003217 and the 78.6 percent retracement at $0.00003811 frame the penultimate challenges prior to any renewed attempt at the macro peak.
Conversely, failing to protect the neckline shelf near $0.00001430 would invalidate the bullish scenario and shift short-term risks back to the 50-day EMA around $0.00001399 and ultimately to the cycle low at $0.00001030. Until that downside safeguard is compromised, the Fibonacci grid suggests that momentum remains tilted favorably for buyers aiming for a return into the high tens and, possibly, the low twenties in the upcoming weeks.
Featured image generated with DALL.E, chart from TradingView.com
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