Shiba Inu (SHIB) is showing signs of a possible breakout in the crypto market, with a 6.99% surge in the past 24 hours, trading at $0.00002605. Its market capitalization of $15.35 billion places it as the 13th largest cryptocurrency. Although trading volume has decreased by 11.93% to $936.54 million, the volume-to-market cap ratio of 6.08% suggests steady market participation.
Key bullish patterns to watch include a cup and handle pattern and a bullish pennant flag, indicating potential upward price moves. An Elliott Wave analysis identifies the current phase as Wave 4, with Wave 5 potentially extending to $0.00004880, representing a 55% gain from the current price. However, potential risks remain, with immediate resistance at $0.00002950 and key support at $0.00002229.
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<p>The post Shiba Inu (SHIB) Token: Rising Price Action and Bullish Patterns Spark Anticipation in Crypto Market first appeared on CoinBuzzFeed.</p>
