2 Charts That Hint Shiba Inu Price Could Double Soon

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As a seasoned crypto investor with over a decade of experience under my belt, I’ve witnessed the rise and fall of countless digital currencies. However, the recent surge in Shiba Inu price has piqued my interest, especially given its meteoric rise from meme token to a legitimate player in the market.

With Bitcoin‘s recovery above $97,000, I believe it’s creating a favorable environment for altcoins like SHIB. The cup-and-handle pattern on the daily chart is a textbook bullish setup that has served me well in the past. If Shiba Inu breaks above the neckline resistance at $0.00003287, it could potentially double in value, offering a mouthwatering 62% upside.

However, I’m not blind to the risks. The market is volatile, and SHIB must close above the neckline with strong volume to maintain its bullish momentum. A failed breakout or rejection at this level could lead to further consolidation. But if Shiba Inu can hold its ground, I’d be happy to add some more coins to my portfolio.

On a lighter note, let me remind you that investing in crypto is like owning a Shiba Inu – unpredictable and full of surprises! Just remember, even the most promising tokens can turn into a ‘Doge’ when you least expect it. So, always invest with caution, and never forget to keep some treats handy for those unexpected market swings!

The price of Shiba Inu, a well-known meme cryptocurrency, has been drawing attention due to its recent market activity. Within the last week, this token saw a 10% increase, fueled by increasing investor trust as part of a broader crypto resurgence. Given that Bitcoin is currently trading above $97,000, financial experts suggest that two crucial charts indicate the Shiba Inu price might double within the next few weeks.

2 Key Charts Hint at a Massive Surge for Shiba Inu Price

The price of Shiba Inu seems to be hinting at a strong surge ahead, given its formation of a typical cup-and-handle chart pattern – a well-known bullish signal. This traditional pattern suggests that an impressive price increase could occur soon.

day-by-day SHIB chart shows a gradual decrease followed by a steady ascent, forming the “cup” shape. The resistance at $0.00003287, an essential level for bullish validation, holds strong at the neckline. The price is currently going through the “handle” stage, where it’s consolidating beneath the neckline.

Currently, the Shiba Inu coin (SHIB) stands at approximately $0.00002435, which represents a 62.53% increase from its October low of $0.00002054. If the price surpasses the resistance level of $0.00003287 (referred to as the “neckline”), technical analysis suggests that the potential target for this pattern could be around $0.00005339, implying a possible upside gain of approximately 62%.

On the negative side, the range from $0.00002000 to $0.00001800 acts as a solid foundation for demand. Should the price fall within this range, it might trigger a significant rebound that strengthens the optimistic perspective.

As a seasoned cryptocurrency investor with over five years of experience, I strongly believe that Shiba Inu (SHIB) can maintain its bullish momentum if it manages to close above the neckline with substantial trading volume. My personal observation and analysis have shown me that a failed breakout or rejection at this level could result in further consolidation, possibly prolonging the waiting period before the coin reaches its full potential. However, if SHIB experiences sustained buying pressure, I am confident that it will propel toward its ultimate target of $0.00005339 by mid-2025. This bullish outlook is based on my understanding of market trends and my belief in the long-term potential of Shiba Inu as a valuable investment opportunity.

Analyst Highlights Bullish SHIB Outlook, Targets Key Levels

A cryptocurrency expert has pointed out an appealing technical configuration for the leading meme coin on its weekly graph. This expert suggests that the graph exhibits a particularly clear and organized layout, which could signal strong upward price movement for the digital token.

The graph reveals that Shiba Inu (SHIB) is presently positioned above a crucial support point at 0.021 USD. This support has proven robust, providing a base after recent price drops. Analysts predict a notable resistance level at 0.054 USD in the forthcoming weeks.

Future growth prospects might involve encountering a significant resistance level around $0.066, a point that correlates with past price movements from 2021. If the Shiba Inu price manages to surge beyond $0.066, it could pave the way for further increases in its forecasted price.

Each week’s candlestick pattern suggests we’re in a recovery period, bolstered by ascending moving averages. Yet, it’s important to exercise caution since the market is currently consolidating slightly above its crucial support level.

Supporters and financial backers of Shiba Inu (SHIB), especially those who also follow meme-based cryptocurrencies like PEPE, are optimistic about potential price increases. However, whether SHIB can reach these goals will be influenced by overall market trends and buying activity over the next few months.

As a researcher, I’m observing some encouraging bullish indicators for the Shiba Inu price. These signals stem from both technical patterns and the overall market sentiment. If we manage to surpass crucial resistance levels, it could lead to substantial profits in the near future, making it a rewarding opportunity for those who exercise patience.

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2025-01-04 21:10