Shiba Inu Retests Critical Support Level as Cup and Handle Pattern Suggests SHIB Surge to $0.00003237
Crypto analyst Asteks predicts an imminent Shiba Inu rally to $0.00003237 following the formation of a bullish cup and handle pattern on SHIBs chart. Cup and Handle Pattern Forms on SHIB Weekly Chart The expert made the projection yesterday, referencing the formation of a cup-and-handle pattern on Shiba Inus weekly chart. The emergence of the cup-and-handle pattern typically represents a bullish signal for Shiba Inu. https://twitter.com/astekz/status/1866581264985362898According to the chart, the cup section began in March 2024, when Shiba Inu surged to $0.000045, to November when it surpassed the $0.3 mark after a correction. The handle section reflects Shiba Inus surge above the $0.33 mark this month before its pullback to around $0.26. Asteks suggests that a potential breakout might be the next play for Shiba Inu, with the chart pointing to a target of $0.00003237. At the current price of $0.00002697, Shiba Inu must surge by 20.02% to clinch the $0.00003237 target. Shiba Inu Slumps to $0.000024 Amid Bitcoin-Led Drawdown The Bitcoin-led market downturn has wreaked devastating havoc on Shiba Inus performance. Following Bitcoins rollercoaster movement yesterday, Shiba Inu dipped to $0.00002434 before rebounding above the $0.000026 level. Priced at $0.00002697, Shiba Inu has witnessed a slight decline of 0.31% in the past 24 hours. However, the doggy-themed token has incurred a double-digit loss of 11.15% in the past week. Imminent Breakout Looms for Shiba Inu Besides Asteks, other crypto experts have recently taken to X to predict an imminent surge for Shiba Inu. In a recent tweet, popular memecoin-focused market observer Whales HQ forecasted that Shiba Inu is preparing for a massive breakout. The accompanying chart shows an ascending triangle pattern on the 4-hour chart, signaling an imminent upward movement for Shiba Inu. Furthermore, popular community expert Shib Spain pointed out that the token is retesting a critical support level around the $0.000024 mark. If this support holds, the expert projects that Shiba Inu could rally significantly to $0.0000520. This target reflects a 92.8% surge from the current price of $0.00002697.
Text source: The Crypto Basic
