Three Signs Suggest That Shiba Inu (SHIB) Could Be a Bull Market 'Dark Horse'
Can SHIB's price surge 90% by early 2025? Technical and chart analysis indicates that Shiba Inu (SHIB) seems poised for a significant increase.
Three Signs Suggest That Shiba Inu (SHIB) Could Be a Bull Market 'Dark Horse'
Shiba Inu (SHIB) has risen 78.5% this year, peaking at $0.0000191 on November 8, but this performance still lags behind Dogecoin (DOGE) and Pepe (PEPE), which have increased by 115% and 668%, respectively, during the same period.
However, based on technical analysis and chart trends, SHIB could potentially reach new highs and hit the peak of 2024.
Is SHIB About to Surge 90%?
The first major signal for a surge is the formation of a 'cup and handle' pattern.
The 'cup and handle' pattern is a bullish signal in the stock market, resembling a teacup with a small handle. If it breaks through a certain key price level, it can rise significantly, typically by the maximum height of this pattern plus the price at the breakout point.
As of November 8, SHIB is in the 'handle' stage, waiting to break through the resistance level of $0.00002032.
If it breaks through, SHIB could rise to $0.00003545 by early 2025, a 90% increase from its current price. This target is not far from the resistance zone in March 2024, where the annual high was $0.00004567.
DOGE's Capital Flow Boosts SHIB
SHIB has not performed as well as DOGE, mainly because Elon Musk has been promoting his 'Department of Government Efficiency', an acronym that matches DOGE.
However, on November 8, DOGE's daily Relative Strength Index (RSI) exceeded 70, indicating it is 'overbought' and may need to correct.
SHIB's RSI is relatively normal, around 58.42, suggesting there is still room for growth.
From the SHIB/DOGE currency pair, it can also be seen that the RSI indicates 'oversold', suggesting that the selling pressure on SHIB relative to DOGE is nearly gone.
If DOGE corrects, capital may flow to SHIB, lifting SHIB along with it.
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