- SHIB consolidates at $0.00002779 support, and eyes $0.00003000 as the key breakout level.
- A bullish pattern hints at a $0.000081 target, signaling a potential 180% price surge.
- Weekend rallies in bullish markets could propel SHIB past critical resistance levels.
The market of cryptocurrencies proves to be volatile, and the same may be said about Shiba Inu (SHIB). However, SHIB has not conformed to these dump-offs as it maintains a position around the $0.00002779 support which is very vital at the moment. Some analysts have attributed this consolidation to be a possible entry point for a huge move up, with possible targets in sight.
Current Market Overview
At the time of writing, the Shiba Inu token is priced at $0.00002788 and it has slightly dipped by 0.89% in the last one day. The token’s daily trading volume is $1.1 billion, which highlights intense market activity.
While the price remains near key support, traders are eyeing the next moves, particularly with the weekend approaching a period often associated with market rallies during bullish seasons.
Key Support and Resistance Levels
According to SHIB KNIGHT, a prominent market analyst, the $0.00002779 support level is crucial. Should SHIB maintain this level, it could act as a springboard for further upside. On the other hand, a breach below this could open doors to additional downside, testing support levels at $0.00002636 and $0.00002457.
On the resistance side, immediate barriers are observed at $0.00003000, $0.00003221, and $0.00003501. The distant target of $0.00003950 represents a significant milestone that could attract heightened interest if the token manages to sustain upward momentum.
Bullish Outlook: Analysts’ Perspectives
Besides support and resistance, JAVON, a crypto analyst, highlights the emergence of a bullish continuation pattern on SHIB’s daily chart. This pattern, which has historically led to upward price movements, suggests that SHIB could aim for a much higher target of $0.000081.
If realized, this would represent a 180% increase from current levels. JAVON emphasizes that these patterns often set the stage for significant price action, potentially driving renewed investor interest.
