Shiba Inu has been gaining attention in the cryptocurrency market as analysts observe bullish patterns that could signal a substantial price increase. A technical analysis of SHIB’s weekly chart suggests the potential for a breakout, with a projected target of $0.000066651.
Recent price movements show a mixed performance for the token. Over the past 24 hours, the cryptocurrency recorded a modest 0.04% gain, while its seven-day increase was more notable at 16.08%. However, the token’s monthly performance has been less encouraging, reflecting a decline.
Despite these fluctuations, market trends indicate that SHIB is gaining momentum on both higher and lower timeframes, setting the stage for potential upward movement.
Cup-and-Handle Formation Signals Bullish Trend
A technical analyst operating under the pseudonym “Strong” on X has highlighted a bullish cup-and-handle formation on the token’s weekly chart. This pattern, which often indicates a period of consolidation followed by a breakout, supports the projection of a price target at $0.000066651.
The analyst linked this potential breakout to SHIB’s position as the largest ERC-20 token on Ethereum and its proximity to breaking out of a multi-year downtrend. They also noted that the asset might follow a “gradual acceleration” pattern, with a sharp upward movement expected once a breakout occurs.
Shib will do what it does, “slowly then all at once” a monster vertical move
HTF chart looks super bullish:
– a catch up play to $DOGE
– largest erc token on $ETH
– soon a break out of a 4y down trendA bullish $SHIB is good for risk on crypto
It’s almost time pic.twitter.com/ofzM4fEXhr
— $trong (@StrongHedge) January 5, 2025
Bullish Indicators on Lower Timeframes
Market analyst Javon Marks has identified additional bullish signals for SHIB on lower timeframes. He observed that the token recently surpassed a significant resistance trendline, coinciding with its recovery to $0.00002108. Marks emphasized the importance of the asset maintaining its position above $0.00002 as a strong foundation for further price growth in 2025.
Marks outlined two potential price targets: a shorter-term goal of $0.000081, corresponding to a resistance level from earlier cycle, and a longer-term target of $0.000155 for the current bull market. These projections highlights the token’s potential for significant growth if current momentum is sustained.
Potential Breakout from Descending Channel
Additional analysis from Rose Premium identified a descending channel in SHIB’s daily chart, originating from a local high of $0.00003343. A breakout above this channel could set the asset on a path toward key price targets.
Rose projected three potential levels for the token following such a breakout: $0.00003236 as a short-term target, $0.00003870 as an intermediate goal, and $0.00004349 as a long-term objective. Achieving these targets, however, depends on the token maintaining consistent bullish momentum.
The recent performance, coupled with the asset’s bullish technical indicators, positions it as a cryptocurrency to watch. While its price remains influenced by market trends and investor sentiment, analysts agree that SHIB has the potential to achieve significant gains if it successfully breaks through key resistance levels.
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