Shiba Inu (SHIB) is currently trading at $0.00001879, experiencing a slight decline of 1.31% over the past 24 hours. Traders have taken notice of the token as it approaches a crucial resistance level at $0.000019, signaling the possibility of a breakout.
Renowned crypto analyst Gerard Dargan recently tweeted about SHIB’s potential for a significant surge if it manages to surpass the resistance at $0.00001900. Dargan believes that the high-timeframe chart of SHIB indicates a breakout is on the horizon.
Breaking through this resistance could potentially trigger a strong rally, propelling the price towards the next resistance level at $0.00002100. Dargan suggests that technical indicators point to SHIB gaining substantial momentum once the breakout is confirmed.
Furthermore, the SHIB USDT pair has formed a bullish pattern known as a “rounding bottom setup.” This pattern, also referred to as a saucer bottom, represents a gradual shift from a bearish bias to a bullish bias. The rounded arc at the bottom signifies a buildup of buying interest. By measuring the depth of the arc and projecting it upwards from the breakout level, analysts estimate that SHIB’s price could reach $0.00003159, marking a significant increase of over 71% from its current levels.
However, for this pattern to fully materialize, SHIB must successfully break and maintain its position above the key resistance level. If the token confirms a breakout, it is likely to sustain bullish momentum, driving prices even higher.
Meanwhile, the SHIB USD pair appears to be on the verge of a bullish breakout from a symmetrical triangle pattern, which is typically considered a neutral pattern. Traders typically wait for a decisive breakout above or below the triangle’s boundaries, accompanied by increased volume, to confirm the pattern’s resolution.
The two trend lines of the symmetrical triangle converge at the apex, and breakouts often occur before the price action reaches this point. As the price action becomes narrower, the volume tends to decrease, indicating consolidation within the pattern. Traders anticipate a significant spike in volume to validate the breakout. The symmetrical triangle pattern is known for its unpredictability, breaking upward or downward without a clear bias.
Based on the theoretical price target of the pattern, SHIB is poised for a potential rally of nearly 258% to approximately $0.000067.
