Shiba Inu price, a popular memecoin, has captured attention with its recent market performance. Over the past week, the token surged by 10%, driven by growing investor confidence amidst a broader crypto recovery. With Bitcoin now trading above $97,000, analysts believe two key charts suggest that the SHIB price could double in the coming weeks.
2 Key Charts Hint at a Massive Surge for Shiba Inu Price
Shiba Inu price is showing signs of a bullish breakout as its price action forms a textbook cup-and-handle pattern. This classic bullish setup indicates the possibility of a significant upward move in the near term.
The daily SHIB chart reveals a gradual decline followed by a steady recovery, completing the “cup” formation. The neckline resistance stands firmly at $0.00003287, a critical breakout level for bullish confirmation. The “handle” phase is currently unfolding as the price consolidates below the neckline.
The SHIB price sits at $0.00002435, reflecting a 62.53% recovery from its October low of $0.00002054. If the price breaks above the $0.00003287 neckline, the projected target for the pattern points to $0.00005339, offering a potential upside of 62%.
On the downside, the red demand zone between $0.00002000 and $0.00001800 provides robust support. If the price dips into this zone, a strong bounce could reinforce the bullish outlook.
For SHIB to maintain bullish momentum, it must close above the neckline with strong volume. A failed breakout or rejection at this level could lead to further consolidation. Conversely, sustained buying pressure could propel SHIB toward its ultimate target of $0.00005339 by mid-2025.
Source: TradingView
Analyst Highlights Bullish SHIB Outlook, Targets Key Levels
A crypto analyst has highlighted a promising technical setup for the top meme coin on the weekly chart. According to the analyst, the chart displays a “super clean” structure, indicating potential bullish momentum for the token.
The chart analysis shows SHIB currently holding above a key support level at $0.021. This level has acted as a solid foundation after recent price retracements. The analyst is eyeing $0.054 as a significant resistance level in the coming weeks.
Further upside potential includes a major resistance zone near $0.066, which aligns with historical price activity from 2021. A successful breakout above $0.066 could potentially open the door for continued gains in the Shiba Inu price Forecast.
The weekly candlesticks indicate a recovery phase, supported by trending upwards moving averages. However, caution remains as the market consolidates just above its critical support.
SHIB enthusiasts and investors, particularly those referencing meme coin ecosystems like PEPE, are hopeful for upward momentum. Whether SHIB can achieve these targets will depend on broader market sentiment and buying pressure in the coming months.
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Shiba Inu price shows promising bullish signals, driven by technical patterns and market sentiment. A breakout above critical levels could trigger substantial gains, rewarding patient investors in the coming months.
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