Shiba Inu (SHIB) has demonstrated resilience amidst market volatility, recovering from price swings and liquidation events that have affected major cryptocurrencies.
Analysts are optimistic about SHIB's short-term prospects, with key support levels identified around $0.000024. If these levels hold, there is potential for a rally of up to 92%, pushing the price to $0.0000520. The community is rallying around technical indicators that suggest a significant upward movement.
Notable crypto expert Astekz has highlighted a "cup and handle" pattern forming on Shiba Inu's weekly chart, which often precedes price breakouts. This pattern indicates an initial surge to $0.000045, followed by a correction forming the "cup." The subsequent fluctuations, including a rise to $0.33 and a retracement to $0.26, have created the "handle." Astekz predicts that this setup could drive SHIB towards $0.00003237 in the near term.
Despite market volatility, Shiba Inu's price has rebounded, currently trading at $0.00002843, reflecting a 2.71% gain in the last 24 hours. SHIB's ability to recover showcases its resilience in the crypto space. Other analysts also share a positive sentiment towards Shiba Inu, emphasizing the importance of the $0.000024 support level and pointing to an ascending triangle formation in SHIB's price chart.
The outlook for Shiba Inu is promising, with analysts suggesting that maintaining critical support levels could lead to substantial price increases. The community's engagement and the growth of Layer 2 Shibarium are seen as catalysts for SHIB's market position. To reach its next all-time high, SHIB must break through the $0.00003 resistance level. If successful, this could trigger a surge towards $0.00005 and potentially reach the much-anticipated $0.0001 level. The combination of technical indicators, community support, and market sentiment will play a crucial role in determining SHIB's trajectory in the near future.