The full bullish projection puts the move at 2,200%, though Patel himself raised doubts about whether that ceiling is reachable, even in a strong altcoin market.
The token has spent years trying and failing to reclaim the heights it hit in 2021. That year marked both its all-time high and the last time it traded anywhere near the projected target.
A Tightening Chart Pattern Adds To The SetupA descending resistance line has been pressing down on SHIB’s price over time, squeezing the range in which it trades. According to the analyst, that compression is approaching its end. When such patterns resolve, prices tend to move sharply in one direction. The question is which direction.
On-chain data adds a layer of nuance. Reports indicate that SHIB’s exchange netflow turned negative recently, with a net outflow of 41.67 billion tokens. When more coins leave exchanges than enter, it often signals that holders are moving assets into personal wallets — a pattern associated with accumulation rather than selling.
That said, over 81 trillion SHIB tokens remain on exchanges, a figure that dwarfs the recent outflow.
Bears Still Hold The Advantage On Longer TimeframesThe picture, for now, is split. The technical setup that Patel points to has delivered before. Whether history repeats depends on whether buyers show up in force at the levels that matter.
Featured image from Unsplash, chart from TradingView
