Shiba Inu: A Cup and Handle Formation Brewing?
Crypto analyst Asteks has sparked excitement among Shiba Inu (SHIB) enthusiasts with a bullish prediction. The analyst believes that a classic cup and handle pattern is forming on SHIB’s weekly chart, potentially signaling a significant price surge to $0.00003237.
The cup and handle pattern is a technical analysis tool that indicates a potential reversal of a downtrend. The “cup” represents a period of consolidation, followed by a “handle” that signifies a brief pullback before a strong upward movement.
A Bullish Outlook for SHIB
If the cup and handle pattern plays out as predicted, SHIB could experience a parabolic rally, pushing its price to $0.00003237. This would represent a substantial 20% increase from its current price of $0.00002697.
Read more: Shiba Inu Burning Bright: A Spark of Hope Amidst Market Downturn!
Shiba Inu’s Recent Slump
However, Shiba Inu, like many other cryptocurrencies, has faced a recent downturn due to the broader market correction led by Bitcoin. The token dipped to $0.00002434 before rebounding slightly above the $0.000026 level.
Despite the short-term setback, several crypto analysts remain optimistic about Shiba Inu’s long-term potential. Whales HQ, a popular memecoin-focused market observer, has identified an ascending triangle pattern on SHIB’s 4-hour chart, suggesting an imminent upward movement.
Read more: Dogecoin and Shiba Inu: A Double Dip in the Memecoin Market!
A Critical Support Level to Watch
Shib Spain, a prominent community expert, highlights the importance of the $0.000024 support level. If this level holds, SHIB could potentially rally to $0.0000520, representing a significant 92.8% increase from its current price.
Read more: Shiba Inu Privacy Upgrade: A Game-Changer for the Meme Coin?
A Word of Caution
While the technical analysis suggests a bullish outlook for Shiba Inu, it is important to remember that the cryptocurrency market is highly volatile. Factors such as broader market trends, regulatory developments, and project-specific news can significantly impact the price of any cryptocurrency.
Investors are advised to conduct thorough research and consider consulting with a financial advisor before making any investment decisions.
