Shiba Inu (SHIB) Poised for Breakout as Analysts Observe Bullish Patterns That Could Signal Substantial Price Increase

Shiba Inu has been gaining attention in the cryptocurrency market as analysts observe bullish patterns that could signal a substantial price increase.

Shiba Inu (CRYPTO: SHIB) has been attracting attention among cryptocurrency enthusiasts as several technical indicators suggest the possibility of a substantial price increase.

A recent analysis of SHIB's weekly chart by a technical analyst, operating under the pseudonym "Strong" on X, highlighted a bullish cup-and-handle formation. This pattern typically indicates a period of consolidation followed by a breakout.

In this case, the analyst's projection places a price target of $0.000066651 for SHIB, should it experience a breakout from the handle.

Highlighting the significance of SHIB being the largest ERC-20 token on Ethereum and its proximity to breaking out of a multi-year downtrend, the analyst suggests that the asset may follow a pattern of "gradual acceleration."

Once the breakout occurs, a sharp upward movement could be anticipated.

Shib will do what it does, "slowly then all at once" a monster vertical move

HTF chart looks super bullish

– a catch up play to $DOGE

– largest erc token on $ETH

– soon a break out of a 4y down trend

A bullish $SHIB is good for risk on crypto

It's almost time pic.twitter.com/ofzM4fEXhr

— $trong (@StrongHedge) January 5, 2025

Moreover, market analyst Javon Marks has identified additional bullish signals for SHIB on lower timeframes.

According to Marks, the token recently achieved a crucial goal by breaking above a significant resistance trendline, which coincided with its recovery to $0.00002108.

Emphasizing the importance of SHIB maintaining its position above $0.00002, the analyst highlighted this level as a strong foundation for further price growth in 2025.

From this perspective, two potential price targets emerge: a shorter-term goal of $0.000081, corresponding to a resistance level from an earlier cycle, and a longer-term target of $0.000155 for the current bull market.

If the token's momentum is sustained, these targets could indicate significant growth potential for SHIB.

In another analysis, Rose Premium noted a descending channel in SHIB's daily chart, beginning at a local high of $0.00003343. A breakout above this channel could set the asset up for price targets.

Following a breakout from the descending channel, Rose's projections include three potential price levels: $0.00003236 as a short-term target, $0.00003870 as an intermediate goal, and $0.00004349 as a long-term objective.

However, achieving these targets remains contingent on the token maintaining consistent bullish momentum.

With recent performance and bullish technical indicators, SHIB is a cryptocurrency to watch. Its price is ultimately influenced by market trends and investor sentiment, and analysts' projections offer possible scenarios based on their technical analysis.