Shiba Inu seems to be in a crucial phase currently, as analysts point to signs that suggest a massive surge is on its horizon. Recent technical indicators and market observations point to an intriguing possibility of a significant rally for the meme coin, and the community is excited to see if this surge can materialize.
Astekz (@astekz) is one of these top analysts who has identified a noteworthy technical formation on Shiba Inu’s weekly chart. He noticed a cup and handle pattern that could signal an upcoming price appreciation. This technical configuration suggests a potential breakout trajectory for the cryptocurrency, with a projected price target of $0.00003237.
$SHIB – Got a feeling this has parabolic potential from here pic.twitter.com/lELDLqI1ZM
— Astekz (@astekz) December 10, 2024
The cup portion of the formation emerged between March and November 2024, characterized by an initial surge to $0.000045 followed by a corrective phase. The handle section shows the subsequent price action, including a recent push above $0.33 and a subsequent pullback to around $0.26.
The market has been challenging for Shiba Inu, with the broader cryptocurrency ecosystem experiencing volatility driven by Bitcoin’s recent price fluctuations and a massive liquidation event on Coinbase which caused a chain reaction.
Shiba Inu has recovered from this decline and is currently trading at $0.00002906. The meme coin has surged 8.46% over the past 24 hours and shows positive signs of a continued climb.
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Multiple Analysts Bullish On SHIB
Crypto expert Shib Spain (@ShibSpain) has drawn attention to a critical support level around the $0.000024 mark. The stability of this support zone could be a pivotal factor in determining the cryptocurrency’s near-term price trajectory.
Should this support level hold firm, the expert projects a potential rally that could drive the price to $0.0000520, representing a dramatic surge of over 92%.
$SHIB is retesting this massive support, waiting to start a HUGE long !
pic.twitter.com/f0yM7jiIdG
— Shib Spain (@ShibSpain) December 10, 2024
Another notable market observer, Whales HQ (@WhalesHQ), has highlighted an ascending triangle pattern on the meme coin’s chart, suggesting an imminent upward movement. This technical configuration typically indicates potential bullish momentum and aligns with the broader positive sentiment surrounding Shiba Inu.
The convergence of multiple technical indicators and expert opinions suggests that Shiba Inu could be positioned for a potentially significant price movement. Many other experts have also shared significant bullish predictions for the meme coin, and 2025 could be the year it finally creates a new all-time high.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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