Usman Salis
The meme coin market is buzzing with excitement as Shiba Inu (SHIB) shows promising signs of a potential breakout. After weeks of consolidation and sideways movement, technical indicators are pointing toward a possible bullish reversal that could send the popular dog-themed cryptocurrency soaring. With retail investors keeping a close eye on SHIB's price action, the formation of a classic Cup & Handle pattern has caught the attention of traders worldwide.
SHIB Price Eyes Bullish Breakout Setup
Shiba Inu might be gearing up for its next major move, and the charts are telling an interesting story. Despite some recent weakness, SHIB has been quietly forming what looks like a textbook Cup & Handle pattern – a formation that often signals the continuation of an upward trend.
Trader Joe Swanson highlighted this setup in a recent Twitter post, noting that the current pullback could actually be setting the stage for a significant breakout. It's one of those moments where patience might really pay off for SHIB holders.
Right now, SHIB/USDT is trading around $0.00001274, but all eyes are on the $0.00001710 resistance level. If buyers can push through this barrier with decent volume behind the move, we could see SHIB rocket toward $0.0000239 – that's a hefty 36.33% gain from current prices.
SHIB Technical Analysis Points to Potential Rally
The bullish case gets even stronger when you look at the bigger picture. Beyond the Cup & Handle formation, SHIB has also carved out what appears to be a Double Bottom pattern. Having two bullish setups lining up like this doesn't happen every day, and it definitely adds weight to the idea that a reversal could be brewing.
But here's the catch – and there's always a catch in crypto. The make-or-break level sits at $0.0000103. This support zone is absolutely crucial for the bullish thesis to play out. If SHIB fails to hold this level and breaks down decisively, the whole setup falls apart, and we could see further downside instead.
The good news? So far, the structure is holding up pretty well. Volume has been picking up, and the RSI is showing some encouraging signs of momentum building. These are the kinds of technical ingredients that often precede significant moves in the crypto space.
If everything aligns and these patterns confirm, SHIB could be looking at its next big rally. Of course, in the volatile world of meme coins, nothing's guaranteed – but the setup certainly has traders talking.
Usman Salis
