Shiba Inu (SHIB) has caught analysts' attention with a bullish cup and handle pattern indicating potential price increase.
Formation of the Cup and Handle Pattern
Crypto analyst Asteks highlighted the formation of a bullish cup and handle pattern on SHIB's weekly chart. The 'cup' phase began in March 2024 when SHIB peaked at $0.000045, followed by a correction 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 the 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.
