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- Shiba Inu has managed to bounce back despite broader market volatility and significant events like Bitcoin’s price swings and liquidations on Coinbase.
- Analysts are optimistic about SHIB’s short-term outlook, with key support levels around $0.000024 potentially triggering a 92% rally to $0.0000520.
Shiba Inu (SHIB) price seems to enter a critical phase as analysts show patterns that could signal the beginning of a massive price rally. The community is getting bullish, hoping that technical indicators along with recent trends will pave the way for a significant upward movement.
Shiba Inu Price Analysis
Notable crypto analyst Astekz on X has highlighted a remarkable technical formation on Shiba Inu’s weekly chart. The meme coin, according to Astekz, has formed a “cup and handle” pattern, which is often considered a precursor to price breakouts.
The chart pattern between March and November 2024 consists of an initial surge to $0.000045, followed by a correction. This phase created the “cup,” while the “handle” emerged through recent price fluctuations, including a rise to $0.33 and a subsequent retracement to $0.26. Astekz predicts this setup could propel SHIB toward $0.00003237 in the near future.
Shiba Inu price has bounced back despite the more volatile market trend. The current recent market mess, which saw a massive liquidation event on Coinbase and dramatic price swings on Bitcoin, had a considerable impact on SHIB. Still, SHIB price managed to recover and currently trades at $0.00002843, gaining 2.71% within the last 24 hours.
Opinion From Other Crypto Experts
Other analysts also echoed similar positivity. Crypto expert Shib Spain spoke of the significance of the $0.000024 support level in the context of the coin’s short-term direction. In this sense, Shib Spain believes that if this support level can hold, SHIB is likely to surge to $0.0000520, and that will be a 92% rally, per the CNF report.
Meanwhile, analyst Whales HQ pointed to an ascending triangle in the Shiba Inu price chart. The bullish formation often signals upward price action, in line with the general sentiment of the market.
All these technical factors have sparked renewed interest in Shiba Inu. Analysts say that how the token will perform in the coming weeks will be pivotal. Analysts expect SHIB’s price to maintain support levels that are critical for its chart and cash in on these bull patterns. This could ensure not only substantial price rises but also help position the meme coin for a solid 2025. Furthermore, with Layer 2 Shibarium crossing 2 million, it could serve as an additional catalyst, reported CNF.
In fact, many in the market anticipate that the new year will indeed be the time that Shiba Inu achieves its next all-time high. For this, Shiba Inu’s price has to successfully break out from $0.00003. Thereafter, if it holds above the level, the market could witness a surge to $0.00005. Moreover, further bullish momentum could push the dog-faced token up to the much-awaited $0.0001 level.
