Despite 7% Loss, SHIB Bullish Weekly Pattern

CoinMarketCap shows SHIB's price volatility has grown during the previous several weeks. The coin traded at $0.00002126, down 6% in seven days and 0.56% from the previous day.

The slump has dropped its 24-hour trading volume to $557.59 million and market cap to $12.49 billion. The volume-to-market cap ratio is 4.44%, indicating consistent market mood.

Despite this negative trend, Shiba Inu's weekly chart suggests a comeback. Intriguingly, the chart shows bullish forms like an ascending triangle and a cup-and-handle pattern, which generally precede price increases. Would these patterns indicate a lull before a surge?

The first is the ascending triangle, a classic pattern with a horizontal resistance line and rising support. This pattern shows bullish momentum as purchasers push the token to higher lows.

If the cryptocurrency breaks above this structure, it might climb to $0.000040, the 1.272 Fibonacci extension. A longer advance might target $0.000047 and the 1.618 Fib extension, setting up a major breakthrough. The cup and handle formation, which predicts bullish momentum, is another weekly chart highlight.

The “handle” signifies consolidation before an upward breakout, while the “cup” makes a rounded foundation. SHIB cryptocurrency is consolidating in the handle phase, indicating it is preparing for its next move. SHIB may rise 67% to $0.000056, the 2.0 Fibonacci extension, if a breakthrough occurs. This case requires the price to recoup $0.000032 to complete the handle pattern.

SHIB might fall below the ascending triangle's support to $0.000016 as a safety net if negative sentiment persists. If the price breaks below this zone, it may fall to the $0.000013-$0.000010 accumulation zone, where buyers might purchase and start up a comeback.

Moving Average Convergence Divergence is more complicated. The MACD line at 0.000001718 is close below the signal line at 0.000001805, suggesting fading bullish momentum.

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