Shiba Inu Is Now Testing A Key Support Level

Shiba Inu is now testing a key support level, with the cup and handle pattern indicating a potential price increase.

Crypto analyst Asteks has forecasted a potential rally for Shiba Inu (SHIB), predicting it could reach $0.00003237.

This prediction follows the formation of a bullish cup and handle pattern on SHIB’s weekly chart, which is often viewed as a positive indicator for price movement.

Formation of the Cup and Handle Pattern

Asteks highlighted the development of this pattern in a recent analysis, noting that the “cup” phase began in March 2024 when SHIB peaked at $0.000045, followed by a correction that saw it dip below the $0.30 mark.

The “handle” phase reflects a recent surge above $0.33 before a pullback to approximately $0.26.

According to Asteks, this pattern suggests that a breakout could be on the horizon, with a price target of $0.00003237.

Currently priced at $0.00002891, SHIB would need to increase by about 20.02% to hit this target.

Market Challenges and Current Performance

Despite this bullish outlook, Shiba Inu has recently faced challenges due to a Bitcoin-led market downturn.

This volatility caused SHIB’s price to drop to $0.00002434 before recovering slightly above the $0.000026 level.

As of now, SHIB is trading at $0.00002891, reflecting a minor decline of 0.31% over the past 24 hours and a more significant loss of 11.15% over the past week.

Optimism Among Analysts

In addition to Asteks, other crypto analysts are also optimistic about SHIB’s prospects.

Whales HQ, a popular memecoin-focused market observer, has indicated that Shiba Inu appears poised for a major breakout, supported by an ascending triangle pattern on the 4-hour chart.

Similarly, community expert Shib Spain has pointed out that SHIB is currently retesting a vital support level around $0.000024.

If this support holds, Shib Spain projects a significant rally could occur, potentially driving the price up to $0.0000520—a remarkable 92.8% increase from its current value.

In summary, while Shiba Inu faces short-term challenges from broader market conditions, analysts are optimistic about its potential for significant price increases in the near future, particularly if key support levels hold.

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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets

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Frank Nez

Frank Nez is an American journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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