Shiba Inu Retests Critical Support Level as Cup and Handle Pattern Suggests SHIB Surge to $0.00003237
Crypto analyst Asteks predicts that Shiba Inu (SHIB) will experience a rally to $0.00003237, based on the formation of a bullish cup and handle pattern on its chart. This projection was made yesterday, referring to the cup-and-handle pattern that has formed on Shiba Inu’s weekly chart. The appearance of this pattern typically indicates a bullish signal for Shiba Inu.
According to the chart, the cup section of the pattern started in March 2024, when Shiba Inu surged to $0.000045, and continued until November when it surpassed the $0.3 mark after a correction. The handle section represents Shiba Inu’s recent surge above the $0.33 mark before pulling back to around $0.26.
Asteks suggests that a potential breakout is likely for Shiba Inu, with the chart indicating a target of $0.00003237. Currently priced at $0.00002697, Shiba Inu would need to increase by 20.02% to reach the target.
Shiba Inu has been negatively affected by the recent downturn in the cryptocurrency market, led by Bitcoin. After Bitcoin’s volatile movement yesterday, Shiba Inu dropped to $0.00002434 before recovering above the $0.000026 level. It is currently priced at $0.00002697, experiencing a slight decline of 0.31% in the past 24 hours and a double-digit loss of 11.15% in the past week.
In addition to Asteks’ prediction, other crypto experts have also suggested an imminent surge for Shiba Inu. Whales HQ, a popular observer of meme coins, recently tweeted that Shiba Inu is preparing for a significant breakout. The accompanying chart shows an ascending triangle pattern on the 4-hour chart, indicating an upcoming upward movement for Shiba Inu. Similarly, Shib Spain, a prominent community expert, has pointed out that the token is currently retesting a critical support level around the $0.000024 mark. If this support holds, it is projected that Shiba Inu could rally significantly to $0.0000520, reflecting a 92.8% increase from the current price of $0.00002697.
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