• Despite widespread market volatility and significant events such as Bitcoin price fluctuations and Coinbase liquidations, Shiba Inu has successfully rebounded.

  • Analysts are optimistic about SHIB's short-term outlook, with key support around $0.000024, which could trigger a 92% rise to $0.0000520.

The price of Shiba Inu (SHIB) appears to have entered a critical phase, as patterns exhibited by analysts may signify the beginning of a significant price increase. The community has become optimistic, hoping that technical indicators and recent trends will pave the way for a substantial rise.

Shiba Inu Price Analysis

Noted cryptocurrency analyst Astekz highlighted an intriguing technical formation on Shiba Inu's weekly chart on X. According to Astekz, this meme coin has formed a 'cup and handle' pattern, which is often seen as a precursor to price breakout.

The chart pattern between March and November 2024 includes an initial spike to $0.000045, followed by a correction. This stage formed a 'cup', while the 'handle' emerged through recent price fluctuations, including a rise to $0.33 and then a pullback to $0.26. Astekz predicts that this setup could push SHIB to $0.00003237 in the near future.

Despite more turbulent market trends, the price of Shiba Inu has rebounded. Recent market chaos, including a massive liquidation event on Coinbase and severe fluctuations in Bitcoin’s price, has had a considerable impact on SHIB. Nevertheless, the SHIB price has successfully recovered, currently trading at $0.00002843, up 2.71% in the last 24 hours.

Views from other cryptocurrency experts

Other analysts have also expressed similar positive sentiments. Cryptocurrency expert Shib Spain discussed the significance of the $0.000024 support level for the short-term trend of this currency. In this regard, Shib Spain believes that if this support level holds, SHIB is likely to surge to $0.0000520, according to CNF's report, which would represent a 92% increase.

Source: Catalyst from Shib Spain, reported by CNF.

In fact, many in the market anticipate that the new year will indeed be the year when Shiba Inu coin sets its next all-time high. To achieve this, the price of Shiba Inu must successfully break through $0.00003. After that, if it holds above that level, the market could spike to $0.00005. Furthermore, additional bullish momentum could push the dog face token up to the much-anticipated $0.0001 level.