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Shiba Inu has managed to bounce back despite broader market volatility and significant events like Bitcoin’s price swings and liquidations on Coinbase. Analysts are optimistic about SHIB’s short-term outlook, with key support levels around $0.000024 potentially triggering a 92% rally to $0.0000520. Shiba Inu (SHIB) price seems to enter a critical phase as analysts show patterns that could signal the beginning of a massive price rally. The community is getting bullish, hoping that technical indicators along with recent trends will pave the way for a significant upward movement. Shiba Inu Price Analysis Notable crypto analyst Astekz on X has highlighted a remarkable technical formation on Shiba Inu’s weekly chart. The meme coin, according to Astekz, has formed a “cup and handle” pattern, which is often considered a precursor to price breakouts. Source: Astekz | X The chart pattern between March and November 2024 consists of an initial surge to $0.000045, followed by a correction. This phase created the “cup,” while the “handle” emerged through recent price fluctuations, including a rise to $0.33 and a subsequent retracement to $0.26. Astekz predicts this setup could propel SHIB toward $0.00003237 in the near future. Shiba Inu price has bounced back despite the more volatile market trend. The current recent market mess, which saw a massive liquidation event on Coinbase and dramatic price swings on Bitcoin, had a considerable impact on SHIB. Still, SHIB price managed to recover and currently trades at $0.00002843, gaining 2.71% within the last 24 hours. Opinion From Other Crypto Experts Other analysts also echoed similar positivity. Crypto expert Shib Spain spoke of the significance of the $0.000024 support level in the context of the coin’s short-term direction. In this sense, Shib Spain believes that if this support level can hold, SHIB is likely to surge to $0.0000520, and that…

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Filed under: News - @ December 12, 2024 6:21 pm