Shiba

bullish

2024

Shiba Inu

Daily

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. 
<h3 class="wp-block-heading" id="h-formation-of-the-cup-and-handle-pattern" style="font-size:21px">Formation of the Cup and Handle Pattern</h3> 
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. 
<figure class="wp-block-image size-large">
 <img data-recalc-dims="1" loading="lazy" decoding="async" width="640" height="402" src="https://i0.wp.com/franknez.com/wp-content/uploads/2024/12/image-14.png?resize=640%2C402&amp;ssl=1" alt="" class="wp-image-98794" srcset="https://i0.wp.com/franknez.com/wp-content/uploads/2024/12/image-14.png?resize=1024%2C643&amp;ssl=1 1024w, https://i0.wp.com/franknez.com/wp-content/uploads/2024/12/image-14.png?resize=768%2C482&amp;ssl=1 768w, https://i0.wp.com/franknez.com/wp-content/uploads/2024/12/image-14.png?w=1200&amp;ssl=1 1200w" sizes="(max-width: 640px) 100vw, 640px">
</figure> 
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. 
<h3 class="wp-block-heading" id="h-market-challenges-and-current-performance" style="font-size:21px">Market Challenges and Current Performance</h3> 
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. 
<h3 class="wp-block-heading" id="h-optimism-among-analysts" style="font-size:21px">Optimism Among Analysts</h3> 
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 <a href="https://thecryptobasic.com/2024/12/11/shiba-inu-retests-critical-support-level-as-cup-and-handle-pattern-suggests-shib-surge-to-0-00003237/" target="_blank" rel="noreferrer noopener">significant</a> 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:&nbsp;<a href="https://franknez.com/shiba-inu-sees-a-surge-in-popularity-now-welcoming-7548-new-wallets/">Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets</a> 
The post <a href="https://franknez.com/shiba-inu-is-now-testing-a-key-support-level/">Shiba Inu Is Now Testing A Key Support Level</a> appeared first on <a href="https://franknez.com">Daily Market News 🗞️</a>.

Shiba Inu Is Now Testing A Key Support Level

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