Shiba Inu (SHIB) could break out soon according to a chart analysis by analyst @CryptoELlTES. The expert has set ambitious price forecasts for the meme coin, detailing successive targets that may enable SHIB to soar significantly if essential resistance levels are overcome.
A chart shared by @CryptoELlTES highlights a bullish cup-and-handle formation on SHIB’s chart. This technical pattern suggests a potential breakout once the asset clears a critical resistance level.
The cup signifies an extended consolidation period, whereas the handle denotes a brief retreat before an upward movement. The analyst indicates that should SHIB exceed the $0.000031177 threshold, aligning with the 0.618 Fibonacci level, it might initiate a rally.
SHIB / USDT Targets!
— @CryptoELlTES (@CryptooELITES) February 11, 2025
Here are my sequential targets for $SHIB:
1️⃣ 0.000085171
2️⃣ 0.000183312
3️⃣ 0.000472905
The technical outlook is positive. As $BTC dominance decreases, SHIB will take the stage!
#SHIB #Shiba $Shiba #Altcoins pic.twitter.com/MRvKdrqLbf
What you'll learn 👉
Key SHIB Price Levels to Watch
The trader incorporates Fibonacci retracement and extension levels to identify important price levels.
The chart indicates that SHIB’s first support is located around the 0.236 Fibonacci level at $0.000011098. Moreover, additional demand zones are at 0.5 ($0.000022661) and 0.382 ($0.000016471). Before price discovery mode, 0.786 ($0.000049103) serves as a key barrier, and the 0.618 Fibonacci level ($0.000031177) is still a critical resistance point.
@CryptoELlTES has projected three major SHIB price targets based on Fibonacci extensions. The first target sits at $0.000085171, corresponding to the 1.0 Fibonacci extension.
The second milestone, set at $0.000183312 (1.414 Fibonacci extension), represents a mid-term objective. The most ambitious target of $0.000472905 aligns with the 1.618 Fibonacci extension, suggesting a possible 20x rally if sustained momentum continues.
Read also: Avalanche (AVAX) Price Breaks Trendline – How High Can It Go?
Market Conditions Favor an Altcoin Rally
The analysis also factors in Bitcoin’s market dominance, which influences altcoin performance. As BTC dominance declines, liquidity could rotate into assets like SHIB, fueling a stronger price movement. However, failure to clear the critical $0.000031177 resistance could result in continued consolidation or rejection at key levels.
At press time, SHIB trades at $0.00001579, reflecting a 3.80% daily decline. Despite the dip, traders remain optimistic about the bullish setup. If buying pressure and volume increase, SHIB could validate the projected targets by breaking out above the handle resistance.
Market participants are closely monitoring SHIB’s price action as it approaches key technical levels. The coming days will be crucial in determining whether the meme coin can sustain its momentum and achieve the ambitious targets outlined by @CryptoELlTES.
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