Shiba Inu (SHIB) appears set for a major price movement, with technical indicators suggesting a potential rally.
Analysts have set a price target of $0.00023 anticipating a potential 10X rise. With the asset consolidating in a symmetrical triangle pattern, market sentiment is becoming more bullish. However, while bullish patterns emerge, broader market conditions remain a key factor in determining whether SHIB will achieve the projected surge.
What you'll learn 👉
SHIB Patterns Suggest Bullish Momentum
The price action of SHIB is building a symmetrical triangle with convergent trendlines, according to @CryptoELlTES. Whereas the lower trendline connects higher lows, the upper trendline connects lower highs. This pattern suggests a consolidation phase, which frequently comes before a breakout.
Shiba Inu is gearing up for a 10X rally very soon! 🚀
— @CryptoELlTES (@CryptooELITES) January 16, 2025
🎯 Target: $0.00023
📈 Technicals are looking positive.
Who’s holding #SHIB?$SHIB #SHİB #ShibaInu #ShibaInuCoin pic.twitter.com/30xOE73z7t
Additionally, a Cup and Handle formation is developing. The rounded bottom of the cup suggests a gradual accumulation phase, while a potential handle formation could reinforce the bullish outlook. If SHIB breaks above the triangle’s upper trendline with strong volume, it may validate the projected price target.
Support and Resistance Levels in Focus
The lower trendline of the triangle acts as a critical support zone, reflecting growing buy interest. Conversely, the upper trendline represents a significant resistance level that must be breached for a sustained rally.
Crypto analysts note that price movements remain confined within this structure, with decreasing volatility. A breakout, if confirmed by high trading volume, could signal the start of the anticipated uptrend. However, market watchers emphasize that external factors, including overall crypto market trends, could influence SHIB’s trajectory.
Read also: Why is Kaspa (KAS) Price Pumping?
Market Conditions and Sentiment
The broader cryptocurrency market also plays a role in SHIB’s price action. Recent data from CoinGecko shows that SHIB is trading at $0.00002231, marking a 1.10% increase in the last 24 hours and a 4.68% rise over the past week. Trading volume has surpassed $552 million, indicating active market participation.
Analysts caution that while technical indicators support a bullish scenario, macroeconomic trends and SHIB’s fundamentals will ultimately determine the strength of any rally. If market conditions align, the 10X target could become a reality, but investors should remain cautious and monitor volume confirmations before making any assumptions.
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