The post Shiba Inu Slowly Building Momentum, Aiming for a Monster Vertical Move to $0.000066651 appeared on BitcoinEthereumNews.com.

Shiba Inu (SHIB) is forming a bullish cup-and-handle pattern on its weekly chart, with analysts projecting a breakout target of $0.000066651. The latest news on Shiba Inu: Recently, Shiba Inu has experienced mixed performance, showing gains over the past week and 14 days but a decline in its monthly metrics. In the last 24 hours, SHIB saw a modest increase of 0.19%, while it rose by a more significant 10.79% over the past week. Key trends and patterns observed by analysts and market observers suggest a potential bullish momentum for SHIB on both high and low timeframes. Shiba Inu Setting for a “Monster Vertical Move” An analyst on X, pseudo-named “Strong,” reviewed SHIB’s performance against using a weekly timeframe, identifying a potential cup-and-handle formation. This bullish continuation pattern often signals accumulation and consolidation before an upward breakout. The analyst estimated a post-breakout target of $0.000066651 based on historical resistance levels and projections. According to the analysis, SHIB is positioning itself as a potential “catch-up play” to Dogecoin (DOGE). Further, per the analyst, SHIB holds the status of the largest ERC-20 token on the Ethereum network and is nearing a breakout from a four-year downtrend. Moreover, the analyst suggested that Shiba Inu will commence its projected run to $0.0000666 in a “slowly then all at once” pattern, staging what he called a “monster vertical move.” Shiba Inu chart by analyst Strong The analysis comes as Shiba Inu builds on its recent momentum. After reclaiming a seven-month high at $0.00003329 in early December, SHIB underwent a correction phase, retracing to levels around $0.0000186.  More Bullish Signals for SHIB Elsewhere, market analyst Javon Marks highlighted “textbook bull signals” for SHIB on lower timeframes. He noted that SHIB recently broke above a long-term resistance trendline, which coincided with its recovery to $0.00002108. Marks emphasized…

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Filed under: News - @ January 6, 2025 6:23 pm