- SHIB’s price sits near key support, with analysts targeting a 14X potential gain.
- A long-term cup-and-handle pattern suggests SHIB’s bullish breakout.
- The SHIB price surged 10.80%, driven by increased trading volume and market interest.
Traders worry that things have gone too far, and Shiba Inu (SHIB) is trading near a technical support level, which analysts believe is a likely support level for a potential base of a trend. One such example is CryptooELITES, a crypto market analyst who tweeted that SHIB is currently priced at $0.00001104, just hovering above a crucial ascending trend line.
While this trendline has been formed since early 2022, it has remained supportive during previous dips. Besides, a cup-and-handle, often seen in technical analysis as a setup for an upward continuation, appears from the analyst’s recent chart.
According to the chart, stretching from 2021 to 2026, the pattern has developed over many years. The idea is that if SHIB continues on its current path, it will have higher lows, and its accumulation range will remain wide.
Potential 14X Move as Chart Targets Key Levels
CryptooELITES projected a long-term bullish run for SHIB and said the coin could reach as high as $0.000183312, a 14X move from its present price. The analysis points to $0.000031177 as the neckline of the pattern. A close above this level would confirm a continuation toward the 1.272 Fibonacci extension.
SHIB/USDT Price Chart (Source: X Post)
On the chart, the analyst marked two key resistance areas. The most prominent lies at $0.000031177, aligning with the neckline and 0.618 Fibonacci retracement level. The key zone was a mid-range consolidation point and has acted as such in past cycles. The second target is $0.000087578, representing Fibonacci projections.
On the other hand, the pattern base is at $0.000005863, and the current price is almost 100% above it. The chartist’s view on the current setup was summarized in the tweet that read, ‘We’re sitting in a strong buy zone, and a big move is coming soon! Are you ready?’
Multi-Year Pattern Mirrors 2021 and 2024 Behavior
The chart structure reflects SHIB’s previous rallies in late 2021 and mid-2024. The token went on to break above long-term resistance after a long period of consolidation in both phases. Putting SHIB in this repeating setup supports an argument that the meme coin might be headed for another breakout phase.
However, SHIB still hasn’t tested the neckline area, and the community is waiting to see whether SHIB can break $0.000087578. No time frame was provided, but the chart seemed to project a parabolic move starting around 2025.
Analysts following technical patterns and overall market trends have been closely watching SHIB’s recent bounce and accompanying volume rise.
SHIB Price Rallies as Market Volume Surges
According to CoinMarketCap data, the price of SHIB surged 10.80% over 24 hours. During the same period, trading volume also surged by 36%. The sudden rise in volume indicates renewed activity in the SHIB market after a period of decline.
SHIB/USD Price Chart (Source: CoinMarketCap)
SHIB’s price rebounded on April 9 alongside a broader digital asset uptrend. Meanwhile, the global crypto market capitalization rose 8.29%, signifying a broader recovery for numerous assets. Renewed interest from retail participants and perhaps larger holders also manifested in the SHIB’s trading activity.
The surge in volume is attributed to whale accumulation or fresh inflow by retail buyers, say analysts. SHIB had been stuck in a tight range for some time now, and many in the market were wary of the short term.
