Shiba Inu (SHIB) is drawing increased attention as the token continues to post notable gains in a fast-paced market. The price of SHIB recently surged to around $0.00001515, marking a 12.73 percent increase in the last 24 hours.
Analysts predict favorable investor sentiment because SHIB has gained over 20 percent of its total value in the previous seven days. The token approaches a main resistance bracket extending from $0.00001360 up to $0.00001400 through its consistent upward movement.
The crypto market analyst SHIB KNIGHT identifies SHIB in the formation of an ascending triangle pattern in its charts. Market practitioners consider ascending triangle patterns to signal robust bullish patterns for potential price movements.
Source: @army_shiba
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The analyst noted that a confirmed breakout above the current resistance zone, supported by high trading volume, could lead to a short-term target between $0.00001550 and $0.00001700. This technical development aligns with recent sideways consolidation, suggesting buyers may gain the upper hand.
Analysts Eye a Broader Cup-and-Handle Formation as Sentiment Builds
CryptoELITES, another well-followed crypto analyst, has identified a more extensive cup-and-handle formation shaping on the long-term chart. This pattern began forming after SHIB reached its all-time high of $0.00008854 in October 2021.
Source:@CryptooELITES
SHIB achieved its peak of $0.00004567 during March 2024 to finalize its price chart’s “cup” figure. The “handle” stage of the token began with an upward movement from $0.00001082 while showing proof of new purchasing activity.
CryptoELITES predicts this present price action will generate a vital market movement. An analysis identifies potential resistance points at $0.00003117 and $0.00008757 before projecting that a major price target will reach $0.0001833.
Lucie from Shiba Inu affirmed the token’s long-term potential while supporting its marketing activities. The rising volume of investors and growing market attention have received vigorous endorsement from her public statements.
The recent trading sessions have shown daily volumes exceeding $390 million for SHIB. Market confidence keeps rising, demonstrating that SHIB remains essential in the expanding crypto world.
Shiba Inu’s market capitalization is now nearing the $9 billion mark. With a circulating supply of 590 trillion tokens, the current momentum may catalyze further upside if key levels are surpassed.
Conclusion
Shiba Inu’s price action is being closely monitored as it approaches a crucial technical resistance. Analysts suggest that the recent upward trajectory, combined with strong trading activity and established bullish patterns, could be an early signal of a possible breakout.
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