Shiba Inu (SHIB) rises over 8%, showing potential for a breakout amid a higher lows pattern.
Trading volume declines, signaling cautious interest as SHIB shows potential breakout signs.
SHIB community expects a breakout potential as the chart forms a bullish “cup” pattern.
Shiba Inu (SHIB) is showing signs of a potential breakout, according to market watchers. The last 24 hours saw an increase of SHIB token price by more than 8% to $0.00002603, making its market capitalization $15.34 billion. Traders have been looking at the higher lows on the SHIB chart, which provide further levels of support. Some eye a massive pump that may propel the SHIB token to even greater extended heights.
SHIB continues to be quite active in the market. The daily trading volume has reached $3.37 billion, a decrease of 25.9%. Despite the decline in trading volume, SHIB maintains notable interest as traders await further price action. According to the SHIB KNIGHT, SHIB has been making a series of higher lows that are typical before a breakout.
$SHIB following higher lows. Waiting for the breakout for another pump pic.twitter.com/RcKaW49ecw
— $SHIB KNIGHT (@army_shiba) November 14, 2024
Technical indicators support the possibility of a breakout. The chart displays a descending trendline, with SHIB attempting to break through. A breakout past this trendline could indicate further bullish momentum. SHIB’s higher lows form a classic “cup” shape, a bullish pattern that suggests a potential price surge. If SHIB manages to break above the trendline, analysts expect increased buying pressure.
Shiba Inu has been pushed higher in the ranking of the cryptocurrency market to become a crypto asset in 11th place. Its upswing stems from increased demand for such memecoins, with Shiba Inu trending among retail traders. The new upswing of SHIB has been brought amid a favorable crypto market environment, with other meme coins like Dogecoin also seeing increased interest.
Market sentiment around SHIB remains positive, as shown by the consistent support from its community. SHIB KNIGHT highlighted SHIB’s trend of higher lows, calling attention to its potential for another price pump. The community is optimistic that a breakout above current resistance levels could push SHIB to a new high.
A successful push above the descending trendline could signal a new bullish phase, drawing in more investors and potentially driving SHIB’s price higher in the near term. The price movement may depend on overall market conditions and Bitcoin’s performance. However, SHIB’s current price action and chart patterns suggest a potential rally if the breakout materializes.
The post Shiba Inu Poised for Breakout Amid Bullish Chart Pattern appeared first on CryptoTale.
