Analysts have now identified positive trends for Shiba Inu, suggesting that SHIB could be on the verge of a significant price surge.
Shiba Inu appears to be entering a pivotal moment, as analysts highlight signs that a substantial price surge may be imminent.
Recent technical analyses and market trends are fueling optimism within the community, eager to see if this potential rally will come to fruition.
One prominent analyst, Astekz (@astekz), has spotted a significant technical formation on Shiba Inu’s weekly chart—a cup and handle pattern.
This formation could indicate an upcoming price increase, with a target price projected at $0.00003237.
The “cup” part of this pattern formed between March and November 2024, initially seeing a rise to $0.000045 before undergoing a corrective phase.
The “handle” reflects recent price movements, including a rise above $0.33 followed by a pullback to approximately $0.26.
The market environment has been challenging for Shiba Inu, influenced by broader cryptocurrency volatility due to Bitcoin’s price fluctuations and a significant liquidation event on Coinbase that triggered widespread market reactions.
Despite these challenges, Shiba Inu has shown resilience, currently trading at $0.00002807 after an 8.46% increase in the last 24 hours, indicating signs of a continued upward trend.
Several analysts are expressing bullish sentiments regarding SHIB’s future.
Crypto expert Shib Spain (@ShibSpain) has pointed out a critical support level around $0.000024.
The stability of this support zone could play a crucial role in shaping the cryptocurrency’s short-term price movements.
If this level holds, there’s potential for a rally that could push the price up to $0.0000520, marking a remarkable increase of over 92%.
Another analyst, Whales HQ (@WhalesHQ), has identified an ascending triangle pattern on Shiba Inu’s chart, suggesting that an upward movement is on the horizon.
This technical setup typically indicates bullish momentum, aligning with the overall positive sentiment surrounding the coin.
The convergence of these technical indicators and expert analyses suggests that Shiba Inu could be gearing up for a significant price shift.
With numerous analysts sharing optimistic forecasts, there’s a growing belief that 2025 may be the year Shiba Inu reaches new all-time highs.
The excitement in the community is palpable as traders watch closely for any developments that could signal this anticipated surge.
For more Daily Crypto News and updates like this, join the newsletter or opt-in for push notifications.
Follow us on CoinMarketCap.
Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
About The Author
Leave your thoughts below
Read Daily Market News – https://franknez.com/ for more news and updates like this