Shiba Inu (SHIB) is generating anticipation in the crypto market as its price action hints at a possible breakout. With an increase of 6.99% in the last 24 hours, the SHIB token is trading at $0.00002605, fueled by growing buying interest. Additionally, the token’s market capitalization, currently at $15.35 billion, consolidates its position as the 13th largest cryptocurrency, reflecting its growing importance.
However, beneath the surface of this bullish momentum lies a mixed narrative. During the same period, cryptocurrency trading volume fell by 11.93%, standing at $936.54 million. However, the volume/market capitalization ratio, now at 6.08%, offers a glimmer of balance in this dynamic. Neither too speculative nor sluggish, the ratio suggests sustained participation in the market.
To comprehensively analyze the potential of SHIB, see our Shiba Inu Price Prediction for an overview of upcoming milestones and market trends.
Bullish SHIB Patterns to Watch Now
One of the chart’s most notable features is a classic cup and handle pattern, with the “cup” extending from a high of $0.00002950 to a low of $0.000010806. The next “handle” forms near the 0.786 Fibonacci retracement level ($0.00002541), indicating a likely breakout to retest the previous high of $0.00002950 and beyond. Historically, this pattern predicts a price rise equal to the depth of the cut, targeting around $0.000040880 in this case.
Added to this is a bullish pennant, formed during a consolidation phase with a base around $0.00002541 and a narrowing triangle top near $0.00002700. The pattern suggests an imminent breakout that could push the SHIB cryptocurrency towards the next Fibonacci levels, with an initial target at the 1.272 extension ($0.00003449) and further potential at the 1.414 extension ($0.00003449). 00003708$).
An Elliott Wave analysis also identifies the current phase as Wave 4, a corrective move that has returned to the 0.786 Fibonacci level, an area often associated with reversals. Wave 5, the final impulsive wave, is expected to bounce towards $0.00003449 (1.272 extension) and likely extend to $0.00004880 (1.618 extension), representing a gain of around 55% per month. relative to the current price if momentum continues.
SHIB Key Resistance and Support Levels
Despite these bullish signals, it is crucial to remain vigilant about potential risks as the token’s immediate resistance level is $0.00002950, which aligns with the previous high and marks the critical barrier for further upside. On the downside, failure to sustain above the key support level at $0.00002229 (0.618 Fibonacci Retracement) could invalidate the bullish setup, leading to a decline towards $0.000020100, where further interest Additional purchase could emerge.
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