Shiba Inu price made a strong bullish breakout, reaching a high of $0.00003317, its highest level since March 14 of this year. SHIB, the second largest meme coin, has surged more than 268% from its lowest level this year.
Shiba Inu Price Trained Unique Patterns
SHIB price has formed three important chart patterns that explain why the coin has more upside potential in the near term.
First, the coin formed a golden cross pattern as the 200-day and 50-day exponential moving averages (EMA) crossed. This trend occurred on November 22. The last time SHIB price formed this trend was in November last year and then it reached the year high of $0.000045.
Second, Shiba Inu formed a bullish pennant chart pattern, consisting of a vertical line and a triangular pattern. In most time frames, this trend is usually followed by a strong bullish breakout, which occurred on Sunday.
Third, and most importantly, the SHIB Token Price formed a cup and handle pattern displayed in green. This trend often results in a bullish breakout. If this happens, the next potential point to watch will be at $0.000045, approximately 50% above the current level. A decline below the support at $0.000025 will invalidate the bullish view.
Learn more: Shiba Inu Price Dropped: Here’s Why SHIB Could Rebound 87%
SHIB could reach record high
Crypto analysts believe that SHIB price could reach an all-time high. If this happens, it would mean the coin would have to surge 188% to $0.000087. In a Messageone analyst noted that the coin just broke above the bullish pennant pattern, meaning it could reach an all-time high.
The potential catalyst for Shiba Inu price is the ongoing bull run in the crypto industry. This bull run coincided with the increase in the Fear and Greed Index, which rose to the extreme greed zone of 82. In most periods, tokens like SHIB, DOGE, and XRP are doing well when there is a sense of greed in the crypto industry.
The other catalyst is that analysts see an altcoin season on the horizon as its index surged to 61.
Meanwhile, millions of Shiba Inu coins have recently been removed from the market through burning. Over 15 million tokens were burned in the last 24 hours, bringing the total coins burned since inception to over 410 trillion.
There are also signs that the Shibarium and ShibaSwap ecosystems are doing well. Shibarium has processed over 530 million transactions, while the ShibaSwap DeFi TVL has reached an all-time high.