Shiba Inu (SHIB) is garnering attention as it builds bullish momentum, forming a cup-and-handle pattern on its weekly chart.
Analysts believe this setup could lead to a significant breakout, with a target price of $0.000066651. Let’s explore the patterns, trends, and expert opinions behind this projection.
Current Performance
Shiba Inu has experienced mixed results in recent metrics:
- Last 24 Hours: Modest gain of 0.19%.
- Past Week: A robust 10.79% increase.
- Monthly Metrics: Declines due to prior corrections.
Despite this, analysts see strong potential for upward movement, supported by both technical patterns and bullish sentiment.
Cup-and-Handle Pattern
What Is It?
A cup-and-handle pattern is a bullish continuation signal. It forms when an asset consolidates, creating a rounded bottom (the “cup”) followed by a smaller pullback (the “handle”). This pattern often precedes a breakout to higher levels.
Shiba Inu’s Cup-and-Handle
- Observed by Analyst “Strong”: SHIB is forming this pattern on its weekly chart.
- Post-Breakout Target: $0.000066651, based on historical resistance and projection methods.
The breakout could come after SHIB completes its four-year downtrend, positioning it for what analysts describe as a “monster vertical move.”
Bullish Signals on Multiple Timeframes
Recent Recovery
- SHIB reclaimed a seven-month high of $0.00003329 in early December before retracing to $0.0000186.
- Market analyst Javon Marks highlighted SHIB’s break above a long-term resistance trendline, coinciding with its recovery to $0.00002108.
- Key Support: Holding above $0.00002 at the close of 2024 reinforces the bullish case.
Short- and Long-Term Targets
- Marks set short-term targets of $0.000081, aligned with a prior cycle’s resistance level.
- Bull Cycle Potential: Targets as high as $0.000155.
Descending Channel Breakout
Analyst Rose Premium identified a descending channel that originated from a local high of $0.00003343. Breaking above this channel could set SHIB on a path toward these targets:
- $0.00003236 (short term).
- $0.00003870 (intermediate).
- $0.00004349 (long term).
Comparison to Dogecoin
SHIB is seen as a “catch-up play” to Dogecoin (DOGE). It also holds the status of the largest ERC-20 token on Ethereum, further solidifying its relevance in the crypto space.
“Slowly, Then All At Once” Pattern
According to “Strong,” SHIB’s trajectory could follow a gradual buildup before an explosive move, similar to its past performance in bullish cycles.
Key Levels to Watch
| Price Level ($) | Significance |
|---|---|
| 0.00002108 | Recovery support level |
| 0.00003236 | Short-term breakout target |
| 0.00003870 | Intermediate resistance |
| 0.00004349 | Long-term resistance |
| 0.000066651 | Projected cup-and-handle breakout |
| 0.000081 | Short-term cycle target |
| 0.000155 | Ambitious bull cycle target |
Challenges to Consider
For SHIB to realize its targets, sustained bullish momentum is critical. Key factors include:
- Broader crypto market conditions.
- Whale activity and retail interest.
- Macroeconomic trends influencing altcoin performance.
