Shiba Inu (SHIB) has experienced a slight dip of 1.31% in the last 24 hours, trading at $0.00001879. Traders are closely monitoring the token as it approaches a key resistance level at $0.000019, which could potentially signal a breakout.
Crypto analyst Gerard Dargan has predicted a bullish future for SHIB if it successfully surpasses the $0.000019 resistance. Dargan believes that SHIB’s high-timeframe chart indicates a breakout is imminent. If this resistance is broken, it could trigger a strong rally, with the price potentially reaching the next resistance level at $0.000021.
Dargan also highlighted the formation of a bullish pattern known as a rounding bottom or saucer bottom in the SHIB USDT pair. This pattern suggests a gradual shift from a downtrend to an uptrend, indicating a buildup of buying interest. By measuring the depth of the arc formed by this pattern and projecting it upward from the breakout level, analysts estimate that the price of SHIB could increase by more than 71% to $0.00003159.
However, for this pattern to fully play out, SHIB must successfully break and sustain above the key resistance level. In the event of a breakout, SHIB could continue to gain bullish momentum, driving prices higher.
In addition, the SHIB USD pair is showing signs of a potential bullish breakout from a symmetrical triangle pattern. This pattern is typically considered neutral and can break out in either direction. Traders usually wait for a decisive breakout above or below the triangle’s boundaries with increased volume to confirm the pattern’s resolution.
As the price action narrows within the symmetrical triangle, the volume trend should decrease, indicating market consolidation. Traders anticipate a significant increase in volume to validate the breakout. The symmetrical triangle is known for its unpredictable nature, breaking upward or downward without a clear bias.
If the breakout from the symmetrical triangle occurs, SHIB could potentially rally by nearly 258% to reach a theoretical price target of approximately $0.000067.
Overall, SHIB is at a critical juncture as it approaches important resistance levels and bullish patterns. Traders will be closely watching for confirmations of breakouts and increased momentum in the coming days.