Shiba Inu (SHIB) forms a bullish cup-and-handle pattern on its weekly chart, with analysts forecasting a breakout target of $0.000066651.
THE latest news about Shiba Inu: Recently, Shiba Inu has seen mixed performance, posting gains over the past week and 14 days but a decline in its monthly metrics. Over the past 24 hours, SHIB saw a slight increase of 0.19%, while it increased by a more significant 10.79% over the past week.
Key trends and patterns observed by analysts and market observers suggest potential bullish momentum for SHIB over high and low periods.
Shiba Inu prepares for a ‘monster vertical move’
An analyst on X, pseudo-named “Strong”, examined Performance of SHIB compared to using a weekly time frame, identifying potential cup and handle formation. This bullish continuation trend often signals accumulation and consolidation before a bullish breakout.
The analyst estimated a post-breakout target of $0.000066651 based on historical resistance levels and projections.
According to the analysis, SHIB is positioned as a potential “catch-up play” compared to Dogecoin (DOGE). Additionally, according to the analyst, SHIB holds the status of the largest ERC-20 token on the Ethereum network and is on the verge of breaking out of a four-year downtrend.
Additionally, the analyst suggested that Shiba Inu would begin its expected run at $0.0000666 in a “slowly then suddenly” pattern, featuring what he called a “monster vertical move.”
The analysis comes as Shiba Inu builds on its recent momentum. After recovering to a seven-month high of $0.00003329 in early December, SHIB underwent a correction phase, returning to levels around $0.0000186.
More bullish signals for SHIB
Elsewhere, market analyst Javon Marks highlighted “classic bullish signals” for SHIB on shorter time frames. He noted that SHIB recently broke above a long-term resistance trendline, which coincided with its recovery to $0.00002108. Marks highlighted that SHIB’s ability to sustain above $0.00002 at the end of 2024 reinforces its upward trajectory for 2025.
Marks set ambitious targets for SHIB, citing $0.000081 as a potential near-term price. 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.
Downward Channel Breakout Potential
Further analysis by Rose Premium suggested Shiba Inu could regain upward momentum after its recent decline. The daily chart indicates a descending channel originating from a local high of $0.00003343.
Rose posited that a break above this channel could propel SHIB towards three key targets: $0.00003236 in the short term, $0.00003870 as an intermediate target, and $0.00004349 in the long term.
However, achieving these targets, including a run to $0.00004349, depends on sustained upside momentum.
DisClamier: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.