thecryptobasic.com
Shiba Inu (SHIB) is forming a bullish cup-and-handle pattern on its weekly chart, with analysts projecting a breakout target of $0.000066651.
The latest news on Shiba Inu: Recently, Shiba Inu has experienced mixed performance, showing gains over the past week and 14 days but a decline in its monthly metrics. In the last 24 hours, SHIB saw a modest increase of 0.19%, while it rose by a more significant 10.79% over the past week.
Key trends and patterns observed by analysts and market observers suggest a potential bullish momentum for SHIB on both high and low timeframes.
Shiba Inu Setting for a “Monster Vertical Move”
An analyst on X, pseudo-named “Strong,” reviewed SHIB’s performance against using a weekly timeframe, identifying a potential cup-and-handle formation. This bullish continuation pattern often signals accumulation and consolidation before an upward breakout.
The analyst estimated a post-breakout target of $0.000066651 based on historical resistance levels and projections.
According to the analysis, SHIB is positioning itself as a potential “catch-up play” to Dogecoin (DOGE). Further, per the analyst, SHIB holds the status of the largest ERC-20 token on the Ethereum network and is nearing a breakout from a four-year downtrend.
Moreover, the analyst suggested that Shiba Inu will commence its projected run to $0.0000666 in a “slowly then all at once” pattern, staging what he called a “monster vertical move.”
The analysis comes as Shiba Inu builds on its recent momentum. After reclaiming a seven-month high at $0.00003329 in early December, SHIB underwent a correction phase, retracing to levels around $0.0000186.
More Bullish Signals for SHIB
Elsewhere, market analyst Javon Marks highlighted “textbook bull signals” for SHIB on lower timeframes. He noted that SHIB recently broke above a long-term resistance trendline, which coincided with its recovery to $0.00002108. Marks emphasized that SHIB’s ability to hold above $0.00002 at the close of 2024 reinforces its bullish trajectory for 2025.
Marks set ambitious targets for SHIB, citing $0.000081 as a potential short-term price point. This target aligns with a resistance level from SHIB’s previous cycle. For the current bull cycle, Marks proposed an even higher target of $0.000155.
Potential for Breakout from Descending Channel
Further analysis by Rose Premium suggested Shiba Inu could regain upward momentum following its recent dip. The daily chart indicated a descending channel originating from a local high of $0.00003343.
Rose posited that a breakout above this channel could propel SHIB to three key targets: $0.00003236 in the short term, $0.00003870 as an intermediate target, and $0.00004349 in the long term.
However, realizing these targets, including a run to $0.00004349, depends on sustained bullish momentum.