Shiba Inu price made a strong bullish breakout, reaching a high of $0.00003317, its highest level since March 14 this year. SHIB, the second-biggest meme coin, has jumped by over 268% from its lowest level this year.
Shiba Inu price has formed unique patterns
The SHIB price has formed three important chart patterns that explain why the coin has more upside in the near term.
First, the coin has formed a golden cross pattern as the 200-day and 50-day Exponential Moving Averages (EMA) have crossed each other. This pattern happened on November 22. The last time that the SHIB price formed this pattern was in November last year and it then surged to the year-to-date high of $0.000045.
Second, Shiba Inu has formed a bullish pennant chart pattern, which is made up of a vertical line and a triangle pattern. In most periods, this pattern is usually followed by a strong bullish breakout, which happened on Sunday.
Third, and most importantly, the SHIB token price has formed a cup and handle pattern that is shown in green. This pattern often results into a bullish breakout. If it happens, the next potential point to watch will be at $0.000045, and about 50% above the current level. A drop below the support at $0.000025 will invalidate the bullish view.
Read more: Shiba Inu Price Has Sunk: Here’s Why SHIB May Rebound 87%
SHIB could surge to an all-time high
Crypto analysts believe that the SHIB price could jump to a record high. Were this to happen, it means that the coin needs to jump by 188% to $0.000087. In an X post, one analyst noted that the coin had just broken out above the bullish pennant pattern, meaning that it could surge to a record high.
The potential catalyst for the Shiba Inu price are the ongoing bull run in the crypto industry. This bull run has coincided with the rising fear and greed index, which has moved to the extreme greed area of 82. In most periods, tokens like SHIB, DOGE, and XRP do well when there is a sense of greed in the crypto industry.
The other catalyst is that analysts see an altcoin season on the horizon as its index has jumped to 61.
Meanwhile, millions of Shiba Inu coins have been removed in the market recently through burning. Over 15 million tokens were burnt in the last 24 hours, bringing the total coins burned since its inception stood at over 410 trillion.
There are also signs that Shibarium and ShibaSwap’s ecosystems are doing well. Shibarium has handled over 530 million transactions, while the ShibaSwap DeFi TVL has jumped to a record high.
