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Crypto analyst Asteks predicts an imminent Shiba Inu rally to $0.00003237 following the formation of a bullish cup and handle pattern on SHIB’s chart.
Cup and Handle Pattern Forms on SHIB Weekly Chart
The expert made the projection yesterday, referencing the formation of a cup-and-handle pattern on Shiba Inu’s weekly chart. The emergence of the cup-and-handle pattern typically represents a bullish signal for Shiba Inu.
$SHIB – Got a feeling this has parabolic potential from here pic.twitter.com/lELDLqI1ZM
— Astekz (@astekz) December 10, 2024
According to the chart, the cup section began in March 2024, when Shiba Inu surged to $0.000045, to November when it surpassed the $0.3 mark after a correction. The handle section reflects Shiba Inu’s surge above the $0.33 mark this month before its pullback to around $0.26.
Asteks suggests that a potential breakout might be the next play for Shiba Inu, with the chart pointing to a target of $0.00003237. At the current price of $0.00002697, Shiba Inu must surge by 20.02% to clinch the $0.00003237 target.
Shiba Inu Slumps to $0.000024 Amid Bitcoin-Led Drawdown
The Bitcoin-led market downturn has wreaked devastating havoc on Shiba Inu’s performance. Following Bitcoin’s rollercoaster movement yesterday, Shiba Inu dipped to $0.00002434 before rebounding above the $0.000026 level.
Priced at $0.00002697, Shiba Inu has witnessed a slight decline of 0.31% in the past 24 hours. However, the doggy-themed token has incurred a double-digit loss of 11.15% in the past week.
Imminent Breakout Looms for Shiba Inu
Besides Asteks, other crypto experts have recently taken to X to predict an imminent surge for Shiba Inu.
In a recent tweet, popular memecoin-focused market observer Whales HQ forecasted that Shiba Inu is preparing for a massive breakout. The accompanying chart shows an ascending triangle pattern on the 4-hour chart, signaling an imminent upward movement for Shiba Inu.
Furthermore, popular community expert Shib Spain pointed out that the token is retesting a critical support level around the $0.000024 mark. If this support holds, the expert projects that Shiba Inu could rally significantly to $0.0000520. This target reflects a 92.8% surge from the current price of $0.00002697.