Over the past 24 hours, Shiba Inu (SHIB), the second-largest dog-themed token in the market, has been recording massive gains after months of trending sideways.
A look at the chart shows that Shiba Inu (SHIB) has managed to break out of its dominant “cup and handle” pattern, which could lead to more positive trends in the coming weeks.
Read Also: Binance Card Now Supports Shiba Inu (SHIB). Here’s Why This Is Important
A cup and handle price pattern surfaces when the price of an asset falls or rises in a U-shaped trajectory or in the form of a cup with a handle, where the cup is in the shape of a U and the handle has a slight downward drift.
This pattern is seen as a bullish signal for any asset under observation. The right hand of the pattern usually experiences lower trading volume. The formation of the pattern may be as short as seven weeks or as long as 65 weeks.
Additionally, the cup and handle pattern usually resolves after the price of the asset breaks above the resistance level. It’s worth noting that Shiba Inu (SHIB) fulfilled this rule after surging 30% on the 14th of August to trade above $0.000016.
Read Also: Shiba Inu (SHIB) Burn Rate Surges 200% Following the Unveiling of Crypto Visa Card: Details
According to the rule of the pattern, the break-out target of a cup and handle is determined by measuring the distance between the lowest point and resistance line of the pattern and adding it to the break-out point.
In the case of Shiba Inu (SHIB), the next price target in the coming weeks could be $0.00002253 level. This implies that SHIB could print a relatively 50% price rally by September.
At the time of filing this report, SHIB is trading at $0.00001622, with a relatively 18% price upsurge in the last 24 hours, according to CoinMarketCap. The data also shows that Shiba Inu has displaced Polygon (MATIC) to occupy the 12th position in the market.
Follow us on Twitter, Facebook, Telegram, and Google News
As the XRP price falters, investors are beginning to find other options. Recent shifts in…
With cryptocurrency adoption on the rise, digital assets are becoming integral to global finance. For…
Crypto market analysts have made bold assertions about the potential of FX Guys ($FXG) to…
The surge of interest in meme coins continues unabated as new digital assets promise phenomenal…
XRP price has hit resistance after a recent rally, with several crypto enthusiasts attributing this…
In the dynamic world of cryptocurrency, a modest investment today could potentially yield extraordinary returns…