The Shiba Inu price is showing strong upside potential as it forms an inverted head and shoulders pattern, signaling the end of the recent correction. Market experts predict a 48% price increase if key resistance levels are broken.
Shiba Inu, one of the top meme coins in the cryptocurrency market, is once again attracting attention with strong price movement signals. After a prolonged correction, SHIB has now established a classic bullish technical pattern known as an inverted head and shoulders.
This pattern usually signals the end of a downtrend and the beginning of an upward trajectory. Traders are now closely watching the $0.00002 resistance level, a key point to confirm a breakout.
If Shiba Inu breaks above this resistance level, analysts believe the price could surge 48%, pushing it as high as $0.00003.
The 20-day exponential moving average (EMA) supports this bullish outlook, with SHIB price currently trading above this average.
This shows strong buyer momentum and growing interest from traders is adding fuel to the bullish forecasts.
Furthermore, SHIB's rally is also supported by a broader recovery in the cryptocurrency market, led by Bitcoin's recent rally.
As the market regains strength, meme coins like Shiba Inu often see renewed interest from both retail and institutional investors looking to capitalize on quick gains.
However, there are still risks, especially if the price fails to break the important resistance level. In that case, SHIB could face a prolonged consolidation or even a reversal.
While the current price action of Shiba Inu suggests strong upside potential, traders should keep a close eye on whether the price breaks above the $0.00002 resistance level.
If successful, a 48% rally could be on the cards, but if it stalls, consolidation could continue. Broader market trends will also play a key role in determining SHIBâs short-term future. As always, cautious optimism is advised in such volatile markets.