Shiba Inu Coin Price Prediction: SHIB Retests Breakout Zone As Cup-and-Handle Pattern Loads

Key Insights:

• Shiba Inu Coin price confirms rebound from support with breakout targets in sight.
• Volume spike and RSI above 60 indicate building momentum.
• Cup-and-handle structure shows bullish potential if resistance breaks soon.

The Shiba Inu Coin price is roaring back above $0.00001400 off a crucial level around $0.00001148 where a possible cup and handle pattern is beginning to form.

This structure traced back on the weekly chart shows a rounded base extending for a few months, and the most recent price movement confirms a bounce off the “long here” zone.

The price of SHIB at present on CoinMarketCap is $0.00001427 which has taken an increase of 7.97% in 24 hours. This boom has positioned SHIB at 15 on a global list of cryptocurrencies now with a market cap of $8.41 Billion.

The 24-hour trading volume also soared to $365.72 Million, 154.30% higher, as an indication of the rejuvenation of interest in the market.

Although the weekly chart posted by a resembles a classic cup & handle pattern. Such long-term bullish reversal set up comes ahead of upward breakouts whereby the handle forms towards the end of a rounded correction. After an observed breakout, the SHIB chart spots three target levels.

These levels align with previous resistance points and Fibonacci extensions. The base of the cup was supported by a historically robust accumulation zone between $0.00001050 and $0.00001150.

The prevailing price move points to, a rejection of further downside and initiation of a potential upward handle formation.

Daily Chart Confirms Channel Break and Momentum Uptick

On a daily chart, SHIB has broken above a descending channel that has captured the price action since mid February.

The breakout above the upper trendline was accompanied by a sharp move from $0.00001230 to $0.00001430 on increasing volume in bullish divergence of RSI.

The Relative Strength Index (RSI) has spiked to 62.94 and is far already above its 14-day average. This momentum turn comes after an extended period of RSI ranging under the neutral 50 level. Meanwhile the volume delta reveals a swing toward positive territory, yellow volume bars become dominant.

The breakout of the channel rejects the former bearish trend and confirms the cup-and-handle hypothesis. Furthermore, the breakout was with a very strong body of the candlestick and closing over both the psychological $ 0.00001400 and short-term moving averages.

Technical confidence is further confirmed by SHIB’s rise back to 15th place on CoinMarketCap.  Furthermore, the rise in the number of holders, 1.5 million now, is a sign of increasing long term participation.

FDV is still unchanged at $8.41 Billion and hence this is a good sign of market price sentiment despite the recent volatility.

The same is true for the price-to-volume ratio, which also improved as 24-hour volume-to-market cap ratio went up to 4.35%, meaning that liquidity is flowing into the market quicker than pass-in market cap.

Price Zones and Levels to Watch

Through the technical setup, the confirmed bounce off the $0.00001148 zone becomes a new price floor for SHIB.

This area, indicated in the weekly chart, acted as a powerful accumulation support for the period of several months. This level will also need to be defended further in order to sustain bullish structure.

Upside targets are based on historical pivot levels. $0.00002215 is level resistance set late 2023, $0.00002724 corresponds to pre-dip highs.

The $0.00003298 level would test post-2021 highs of SHIB and check resistance levels last witnessed during its rally period.

Near $0.00001450 is short-term resistance at a point that naturally corresponds with today’s intraday high.

If the breakout from this level by SHIB is sustained and the consolidation plays above $0.00001400, the next important zone to watch is the range from $0.00001580 to $0.00001650 which was previously a region where supply sent the holders packing.