Shiba Inu is attracting attention in the cryptocurrency market as analysts observe bullish patterns that could signal significant price increases. SHIB's weekly chart technical analysis shows breakout potential, with an expected target of $0.000066651.
Recent price volatility indicates a mixed performance of the token. Over the last 24 hours, the cryptocurrency recorded a modest increase of 0.04%, while the more notable seven-day gain was 16.08%. However, the token's monthly performance is less optimistic, reflecting a decline.
Despite these fluctuations, market trends indicate that SHIB is experiencing strong growth on both higher and lower time frames, setting the stage for potential upward movement.
Cup-and-Handle pattern signaling bullish trend
A technical analyst operating under the pseudonym 'Strong' on X highlighted a bullish cup-and-handle pattern on the token's weekly chart. This pattern, which typically indicates a consolidation phase followed by a breakout, supports a price target of $0.000066651.
The analyst linked this potential breakout to SHIB's position as the largest ERC-20 token on Ethereum and its proximity to breaking out of a prolonged downtrend. They also noted that the asset may follow a 'gradual acceleration' pattern, with a strong upward move expected when the breakout occurs.
Bullish indicators on lower time frames
Market analyst Javon Marks has identified additional bullish signals for SHIB on lower time frames. He observed that the token recently broke through a significant resistance trendline, coinciding with a recovery to $0.00002108. Marks emphasized the importance of the asset maintaining a position above $0.00002 as a solid foundation for further price growth into 2025.
Marks outlined two potential price targets: a short-term target of $0.000081, corresponding to resistance from the previous cycle, and a long-term target of $0.000155 for the current bullish market. These forecasts highlight the token's significant growth potential if the current momentum is maintained.
Breakout potential from the descending channel
Additional analysis from Rose Premium identified a descending channel on SHIB's daily chart, originating from a local high of $0.00003343. A breakout above this channel could set the asset on a path toward important price targets.
Rose predicts three potential levels for the token after such a breakout: $0.00003236 is the short-term target, $0.00003870 is the intermediate target, and $0.00004349 is the long-term target. However, achieving these targets depends on the token maintaining a stable upward momentum.
Recent performance, along with bullish technical indicators for the asset, positions it as a notable cryptocurrency. Although its price is still influenced by market trends and investor sentiment, analysts agree that SHIB has the potential for significant gains if it successfully breaks through key resistance levels.