Lucie Backs Analyst Prediction of 1200% Shiba Inu Price Increase

• Ascending triangle formation signals SHIB may soon trigger a bullish price breakout
• Fibonacci levels highlight potential targets in SHIB’s extended uptrend projection
• Cup-and-Handle pattern boosts case for long-term SHIB rally toward All-Time High

Shiba Inu, SHIB’s price is edging closer to a critical resistance level and with the token trading around $0.00001515, the latest price action suggests growing investor optimism. 

The market has seen a notable 12.73% jump in SHIB’s value over the last 24 hours, and it’s up by a substantial 20.60% in the past week. As SHIB gains momentum, analysts are starting to believe that the token could be on the verge of a major breakout, which might signal the start of a powerful rally.

What Technical Signals Suggest SHIB Could Break Out?

According to analyst SHIB KNIGHT, SHIB is forming an ascending triangle, a structure that often signals an upcoming bullish breakout. The token is now nearing a resistance zone located between $0.00001360 and $0.00001400. 

If SHIB decisively pushes above this range, and the move has strong trading volume behind it, this could open the door for the price to reach targets between $0.00001550 and $0.00001700. Importantly, the recent period where the price has been consolidating sideways suggests that buyers are steadily gaining strength.

What Bullish Predictions Are Analysts Making for Shiba Inu?

Lucie, Shiba Inu’s lead marketer, believes in the token’s strong upside. Her views align with a projection from CryptoELITES, an analyst who suggests SHIB could surge to $0.0001833, which would represent an increase of over 12 times its current price. 

The analyst also points out key levels to watch along the way, including resistance at $0.00003117 and a significant Fibonacci level at $0.00008757. These levels could act as important checkpoints as SHIB potentially makes its way back towards its all-time high.

How Does a Cup-and-Handle Pattern Indicate Major Growth?

CryptoELITES has highlighted a broader cup-and-handle pattern forming since SHIB’s October 2021 high of $0.00008854. The “cup” was completed with the March 2024 peak at $0.00004567. 

Related: Shiba Inu (SHIB) Set for 480% Surge? Analyst Price Target Sparks Hope

Since then, the token has been shaping the “handle,” recently bouncing from $0.00001082. This bounce suggests renewed bullish interest and strengthens the case for an extended uptrend.

Current Market Sentiment for SHIB

SHIB currently boasts a market capitalization nearing $9 billion, with a circulating supply of 590 trillion tokens.

Related: Shiba Inu (SHIB) Price Analysis: Bullish Hints, Bearish Trend

The recent rally in price, which has been supported by solid trading volume of over $390 million, highlights increasing confidence among investors in Shiba Inu’s potential.