Shiba Inu (SHIB) Price Analysis: Experts Highlight Bullish Patterns, Anticipate a Massive Rally in 2023

Shiba Inu (SHIB) price seems to enter a critical phase as analysts show patterns that could signal the beginning of a massive price rally. The community is getting bullish, hoping that technical indicators along with recent trends will pave the way for a significant upward movement.

Shiba Inu (SHIB) price appears to be entering a critical phase, with several technical patterns emerging that could signal the beginning of a massive price rally. The community is growing bullish, hoping that these technical indicators, combined with recent trends, will pave the way for a significant upward movement.

Shiba Inu Price Analysis

Prominent crypto analyst Astekz on X highlighted a remarkable technical formation on Shiba Inu's weekly chart. The meme coin, according to Astekz, has formed a "cup and handle" pattern, which is often considered a precursor to price breakouts.

The chart pattern between March and November 2024 consists of an initial surge to $0.000045, followed by a correction. This phase created the “cup,” while the “handle” emerged through recent price fluctuations, including a rise to $0.33 and a subsequent retracement to $0.26. Astekz predicts this setup could propel SHIB toward $0.00003237 in the near future.

Shiba Inu price has also bounced back despite the broader volatile market trend. The recent market chaos, which included a massive liquidation event on Coinbase and dramatic price swings on Bitcoin, had a natural impact on SHIB. However, SHIB price managed to recover and currently trades at $0.00002843, up 2.71% in the last 24 hours.

Other Crypto Experts Weigh In

Other analysts also expressed optimism. Crypto expert Shib Spain highlighted the importance of the $0.000024 support level in the coin's short-term direction. According to Shib Spain, if this support can hold, SHIB is likely to surge to $0.0000520, which would represent a 92% rally, according to CNF's report.

Meanwhile, analyst Whales HQ noted an ascending triangle in the Shiba Inu price chart. The bullish formation often signals upward price action, which aligns with the general market sentiment.

These technical factors have sparked renewed interest in Shiba Inu. Analysts will be closely monitoring how the token performs in the coming weeks. If SHIB manages to maintain critical support levels on its chart and cash in on these bull patterns, it could set the stage for not only substantial price rises but also position the meme coin for a solid 2025.

Moreover, with Layer 2 Shibarium crossing 2 million, it could serve as an additional catalyst, reported CNF. Many in the market anticipate that the new year will be the time that Shiba Inu finally achieves its next all-time high.

For this to happen, Shiba Inu's price has to break out from $0.00003 and hold above the level. After that, the market could see a surge to $0.00005. Further bullish momentum could push the dog-faced token up to the much-awaited $0.0001 level.