Shiba Inu’s Cup-and-Handle Formation: Is a Massive Breakout Brewing?
Shiba Inu (SHIB) is turning heads as it edges closer to a crucial resistance level of $0.00002960. Currently trading at $0.00002788, the token’s steady consolidation suggests a big move could be just around the corner. With the 100-day Simple Moving Average (SMA) showing strong buyer confidence, the stage seems set for a bullish breakout.
But that’s not all. The 1-Day Relative Strength Index (RSI) just crossed the critical 50% mark and is holding at 52%. What does this mean? Buyers are gaining control, and momentum is building for SHIB to make its next big leap.
What’s Next for SHIB?
The current buzz around SHIB hints at increased buying pressure. To truly break above $0.00002960, the RSI needs to keep climbing, and trading momentum must stay strong. A confirmed breakout at this level could pave the way for SHIB to aim for $0.00003346 or even higher.
However, if SHIB fails to clear this resistance, it might see a pullback or move sideways for a while. To keep the bullish vibe alive, strong trading volume is key. A loss of momentum could push the price back to test lower support levels, which might shake market confidence.
Analysts Are Watching Closely
Prominent crypto analyst CryptoBull took to X (formerly Twitter) on December 13, saying, “SHIB chart looks primed for launch very soon.” The comment underscores expectations of a breakout that could end the prolonged downtrend since SHIB’s 2021 highs.
$SHIB chart looks primed for launch very soon pic.twitter.com/DSDYxAkxKG
— The CryptoBull (@TheCryptoBull77) December 12, 2024
The Big Picture: A Cup-and-Handle Formation
Here’s where things get exciting. Another analyst, CryptoELlTES, identified a classic cup-and-handle pattern on SHIB’s 1-week chart. This formation, often a signal for bullish continuation, could be a game-changer. The “cup” represents recovery from a decline, while the “handle” shows a brief pause before the next upward surge.
If this pattern plays out, SHIB could target prices between $0.00008517 and $0.00047290, offering massive potential gains. With Bitcoin’s dominance slipping, SHIB might seize the spotlight, attracting even more investor interest.
Final Thoughts
Shiba Inu is at a make-or-break point. A breakout above $0.00002960 could trigger a major rally, while failure to do so might lead to temporary setbacks. Either way, SHIB’s current chart formations and momentum indicators suggest it’s a token you can’t afford to ignore right now.
Stay tuned—this could be SHIB’s next big moment! 🚀
