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Highlights
- Shiba Inu Price forms a bullish cup-and-handle pattern, signaling breakout potential.
- Key support at $0.00002400 prevents declines, boosting market confidence.
- Indicators show bullish divergence, underscoring strong buyer momentum.
As the year ends, the Shiba Inu price gains significant traction, surging recently by 5%. Despite minor corrections, SHIB remains bullish, rebounding from key support levels and signaling potential growth. Piggybacking off this optimism, one Analyst forecast a 1,200% rally for this dog-based meme crypto. The strong recovery patterns and sustained investor interest adds credence to this massive prediction.
Shiba Inu Price Tags Key Critical Support Structure, Bounce Likely
Shiba Inu price recently bounced off a critical support zone, suggesting a renewed bullish momentum for the token. The support level around the $0.00002400 mark has acted as a strong barrier against further declines.
The Relative Strength Index (RSI), currently at 52.49, indicates a neutral market sentiment. A movement above 70 would signal overbought conditions, potentially fueling additional price gains. The Moving Average Convergence Divergence (MACD) showcases bullish divergence, with the histogram flipping from red to green. This shift underscores growing buyer interest and momentum in the market.
Technical indicators suggest a high probability of a bounce above the $0.00003100 resistance level. A breach of this price barrier could trigger a rally toward $0.00003800. However, a failure to hold the above support could open the door to retesting lower levels of $0.00002400.
SHIB Technical Analysis: Shiba Inu Coin Eyes 1200% Rally
The meme coin displays a strong technical setup with a classic cup-and-handle pattern on its chart. This pattern suggests significant potential for upward movement. Analysts have identified three key price targets for SHIB: $0.000085171, $0.000183312, and $0.000472905.
The cup-and-handle pattern resembles a “U”-shaped curve followed by a smaller consolidation phase. The “cup” signifies a gradual decline and recovery, while the “handle” forms a brief consolidation before a breakout. This pattern often signals a continuation of the prevailing bullish trend.
To measure the potential target, the vertical distance from the cup’s bottom to its resistance is calculated. This measurement is then projected upwards from the breakout point. In the Shiba Inu price prediction case, the resistance lies around $0.00004729 surging by more than 1200%, making the subsequent targets achievable if the breakout is successful.
The latest SHIB price is at $0.00002912, with a surge of 5% in the past day, if the bullish mounts more pressure the SHIB price is poisoned for more bullish break out head.
Most crypto market coins have seen a notable price surge today despite a slight market consolidation in the past week. BTC price has hovered above $100k again, with ETH also surging by 6% in the past 24 hours. This surge is fueling the surge in most of other best altcoins like SHIB.
Shiba Inu’s 1200% rally potential showcases its bullish strength. With strong patterns, rising momentum, and solid investor backing, SHIB remains poised for remarkable growth in the evolving crypto market.
Frequently Asked Questions (FAQs)
1. What pattern indicates a bullish breakout for SHIB?
2. What triggered the recent SHIB price surge?
3. What could trigger SHIB’s breakout?
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