Gushiken Yona
Shiba Inu rallied over the weekend, as technical analysts point to a confirmed bullish pattern breakout, fueling forecasts of a 179% price surge towards the $0.000081 mark.
Shiba Inu Price Action Sparks Optimism
The world’s second-largest meme coin, Shiba Inu, briefly touched $0.00003300 over the weekend before retracing to $0.00002907 on Monday morning, marking a 2.98% dip in the past 24 hours. Despite the pullback, $SHIB remains up 10.90% for the week and a staggering 64.30% over the past month.
Trading volume surged 31.25% to $6.03 billion, signaling heightened market activity as investors respond to bullish forecasts. Analysts suggest that $SHIB’s breakout could pave the way for a sharp rally if momentum persists.
Technical Breakout Confirms Bullish Momentum
Shiba Inu’s breakout from a long-standing descending triangle pattern strengthened bullish sentiment. Crypto analyst @AmiCatCrypto highlighted the event on X (formerly Twitter), stating: “SHIB LONG SET UP BREAKING OUT 🤝 Expecting SHIB would pull a DOGE move very soon in the next couple of days.”
Related: Zama to Launch First-Ever Private Token Auction on Live Blockchain
The descending triangle breakout—marked by $SHIB surpassing resistance—signals a potential trend reversal. Following this, a bull flag pattern has emerged, characterized by a sharp upward move (the “flagpole”) followed by a consolidation phase. A breakout above the flag’s resistance line typically suggests a continuation of the prior uptrend, with analysts projecting price targets near $0.000081.
Javon Marks (@JavonTM1) echoed this bullish sentiment, citing $SHIB’s strength in holding key levels above resistance. Marks pointed to additional bullish indicators, including a larger falling wedge breakout and smaller bull flags within the pattern, reinforcing the optimistic outlook.
Can Shiba Inu Reach $0.000081?
Analysts’ projections of a potential 179% price surge stem from established technical methods, including the measured move principle, which calculates price targets based on pattern dimensions. The $0.000081 target represents a 2.79x gain from Monday’s price levels, echoing historical meme coin rallies like Dogecoin’s explosive moves.
Related: Smart Contracts Are Powering a New Wave of Finance: Here’s How
However, achieving this target hinges on broader market conditions, sustained trading volume, and $SHIB’s ability to break through resistance levels. While the sentiment is overwhelmingly bullish, analysts caution that meme coin volatility and external market factors could temper expectations.
Shiba Inu Market Context
As of Monday, Shiba Inu boasts a market capitalization of $17.08 billion, with a circulating supply of 589.51 trillion tokens, according to data from CoinMarketCap. The token’s recent surge aligns with growing interest in meme coins, though investors remain wary of speculative swings inherent in the category.
Read More
- Shibarium Hits New TVL ATH Again Ahead of Scheduled Hard Fork
- Shiba Inu Erupts from 4-Year Downtrend: Is a New All-Time High Imminent in 2024?
- Shib Tech Wizard Kaal Speaks Up On Shiba Inu Burn Mechanism, Teases More Cost-Effective Solutions
YONA GUSHIKEN
Yona brings a decade of experience covering gaming, tech, and blockchain news. As one of the few women in crypto journalism, her mission is to demystify complex technical subjects for a wider audience. Her work blends professional insight with engaging narratives, aiming to educate and entertain.
