Shiba Inu’s price may be ripe for a strong bullish breakout after forming a highly popular continuation pattern and as whales continue to buy. The SHIB token was trading at $0.000025 on Wednesday, up by 127% from its lowest point in August.
Shiba Inu price has formed a bullish pattern
On the daily chart below, we see that the SHIB price has formed a bullish pennant pattern, a popular bullish sign. This pattern is usually made up of a long vertical line and a symmetrical triangle, which is now nearing its confluence level when a breakout typically happens.
Shiba Inu has more positive technicals. The most notable one is that it formed a golden cross pattern earlier this month as the 50-day and 200-day moving averages crossed each other. In most cases, this pattern usually results into a strong bullish breakout.
SHIB price has also moved above the crucial resistance level at $0.00002162, its highest level on September 27. It also formed an inverse head and shoulders pattern.
Therefore, all these patterns are signs that the SHIB price will soon stage a strong bullish breakout in the coming days. Besides, the crypto fear and greed index has moved to the extreme greed zone of 85 and investors are embracing FOMO.
The initial target for this breakout will be at $0.00003045, its highest level on November 12, which is about 25% above the current level.
The most extreme potential SHIB prediction is where the coin jumps to $0.000045, which is about 86% above the current level. A drop below the important support level at $0.00002162 will invalidate the short-term bullish outlook.
SHIB has multiple positive fundamentals
Shiba Inu has numerous positive catalysts that could push its price higher in the long term. First, there are signs that whales are accumulating the coin. Data shows that whales have bought SHIB tokens worth millions of dollars in the past 24 hours. One of these whales moved tokens worth over $26 million from Coinbase to wallets.
Consequently, data shows that over 1.6 trillion coins have been moved from exchanges in the last 24 hours. According to Ali Charts, the last time that happened, SHIB’s price soared by over 60%.
Meanwhile, the amount of Shiba Inu coins being burned has continued rising in the past few days. Data by Shiburn shows that 3.8 million coins were burned in the last 24 hours. A day earlier, over 20 million coins were burned. As a result, over 410 trillion coins have been burned, leaving a circulating supply of over 583 trillion tokens.
Also, Shiba Inu prices will likely continue doing well as the Federal Reserve continues cutting interest rates and as the Trump administration eases regulations. There are also chances that we could see a SHIB ETF in 2025.
