Shiba Inu Price Set To Go Parabolic As 4 Rare Patterns Forms (2024)

Shiba Inu price and other meme coins have wavered this week as the recent momentum waned and as Bitcoin failed to cross the $100,000 resistance. Still, technicals suggest that the SHIB coin may be about to go parabolic after forming four bullish patterns.

Shiba Inu Price Analysis: Technicals Hint Parabolic Breakout Rally

The daily chart shows that Shiba Inu price has formed several rare patterns that point to further gains in the coming days. First, the coin created a falling wedge pattern between March and September. This pattern is made up of two descending trendlines and converging trendlines. The upper line connects the higher lows, while the lower one connects the lower lows.

Second, Shiba Inu has formed a bullish pennant pattern, which is shown in green. This pattern has a long vertical line and a symmetrical triangle pattern. A bullish breakout happens when the triangle is about to reach its confluence level.

advertisement

Third, the coin is in an impulse Elliot wave pattern, which is made up of five steps. The first one is bullish, followed by a brief retreat, and then the third one is the longest one. The coin is now in the fourth part of the wave, which could result in the fifth wave, which is often highly bullish.

Further, and most importantly, it has formed a cup and handle chart pattern. This pattern has a rounded bottom and some consolidation or a pullback. It often leads to a strong breakout when the handle section finishes.

Therefore, the value of SHIB will likely go parabolic if the coin jumps above the upper side of the cup. If we measure its depth, the potential Shiba Inu prediction is $0.00004580, a few points above the year-to-date high.

Shiba Inu Price Set To Go Parabolic As 4 Rare Patterns Forms (1)

Conversely, a drop below the key support at $0.00002150, its highest point on September 27 will invalidate the SHIB price bullish view. If this happens, it will increase the risk of SHIB falling to $0.000016, its August 24 high.

SHIB Coin Has Strong Fundamentals

Shiba Inu has some strong fundamentals that could push it higher in the coming days. Its futures open interest have moved sideways since November 10. This performance could be the calm before the storm in the near term.

Millions of Shiba Inu coins are being burned each day because of the increasing transactions in its ecosystem like Shibarium and ShibaSwap. BONE fees in these networks is transformed into SHIB and burned.

There is regulatory clarity in the United States with Donald Trump set to become the president. Just this week, Tornado Cash scored a major court victory as judges ruled that its smart contract was notthe property of a foreign national.

Frequently Asked Questions (FAQs)

1. Why is the Shiba Inu price forecast bullish?

The SHIB coin has formed several technical catalysts like the cup and handle and bullish flag. It has also macro catalysts like the Trump election and the ongoing token burns.

2. How high can SHIB token surge?

The most realistic SHIB prediction is where it jumps to $0.000045, its highest point this year. More gains will be confirmed if it moves above that level.

3. Can SHIB jump to $1?

Shiba Inu needs to rise by 4.16 million percentage, which is possible, but unlikely to happen any time soon.

✓ Share:

  • TAGS
  • SHIB Price
  • SHIB Price Analysis
  • Shiba Inu coin price
  • Trending
  • Price Analysis
  • XRP Whales Move 139M Coins As Ripple Case Near Potential End
  • Russian President Putin Signs Game Changing Crypto Taxation Law
  • Dogecoin News: Whale Moves 1.1 Billion DOGE, Is Rally To $1 Starting?
  • LUNC News: Binance Expands Leverage For Terra Luna Perpetual Trading
  • Major Shiba Inu Whale Amplifies Holdings, SHIB To $0.000037 Ahead?
  • Solana Price Forecast: As SOL Flips Ethereum
  • How High Can Dogecoin Price Go in December?
  • Will Cardano Price Double As TVL Hits ATH?
  • Crypto Pundit Sees Chainlink Price Rising To $100 Soon
  • 3 Solana Gems That Could Turn $1000 to $100K in December
Top Crypto Presale Projects For 2024 To Invest; Updated List
Best Crypto AI Trading Bots For 2024
Top Meme Coins to Buy Now in 2024 [UPDATED]

Shiba Inu Price Set To Go Parabolic As 4 Rare Patterns Forms (6)

crispus

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Shiba Inu Price Set To Go Parabolic As 4 Rare Patterns Forms (2024)
Top Articles
Latest Posts
Recommended Articles
Article information

Author: Neely Ledner

Last Updated:

Views: 5967

Rating: 4.1 / 5 (62 voted)

Reviews: 93% of readers found this page helpful

Author information

Name: Neely Ledner

Birthday: 1998-06-09

Address: 443 Barrows Terrace, New Jodyberg, CO 57462-5329

Phone: +2433516856029

Job: Central Legal Facilitator

Hobby: Backpacking, Jogging, Magic, Driving, Macrame, Embroidery, Foraging

Introduction: My name is Neely Ledner, I am a bright, determined, beautiful, adventurous, adventurous, spotless, calm person who loves writing and wants to share my knowledge and understanding with you.