Shiba Inu eyes 50% rally as SHIB price enters 'cup and handle' breakout mode
Shiba Inu spawn appears nearly ten days after SHIB was added to Binance Card.
Altcoin Watch
The Shiba Inu (SHIB) broke from its current cup and handle pattern on August 14, increasing its chances of additional gains in the weeks to come.
Shiba Inu could skyrocket 50%A cup and a handle appear when price falls and rises in a U-shaped trajectory in the first leg, followed by a rapid sideways or downward move in the second. Notably, the price trend develops below a common resistance level.
Typically, cup and handle patterns resolve after price breaks above the resistance level; The SHIB did the same on August 14 after rising 27% to USD 0.000016, as shown below.
SHIB/USD daily price chart. Source: TradingViewAccording to the rule of technical analysis, a cup and handle breakout target is determined by measuring the distance between the lowest point of the pattern and the resistance line and adding it to the breakout point. As a result, SHIB could head towards $0.00002253.
In other words, a 50% price increase by September.
An absurd rally, after all?Basically, Shiba Inu's 27% intraday price rise on August 14 had no visible catalyst, except for one metric showing that SHIB's burn rate jumped 825% in one daytime. But the amount of burnt SHIB is only worth more than $4,500.
Shiba Inu Burn Rate. Source: Shibburn.comOverall, however, the Shiba Inu Network has burned over $6.36 million worth of SHIB tokens in its lifetime.
Additionally, the Shiba Inu rally came nearly ten days after Binance announced to add SHIB support to its European-issued payment cards. In doing so, the crypto exchange has increased SHIB's potential to find new users in t...
Shiba Inu spawn appears nearly ten days after SHIB was added to Binance Card.
Altcoin Watch
The Shiba Inu (SHIB) broke from its current cup and handle pattern on August 14, increasing its chances of additional gains in the weeks to come.
Shiba Inu could skyrocket 50%A cup and a handle appear when price falls and rises in a U-shaped trajectory in the first leg, followed by a rapid sideways or downward move in the second. Notably, the price trend develops below a common resistance level.
Typically, cup and handle patterns resolve after price breaks above the resistance level; The SHIB did the same on August 14 after rising 27% to USD 0.000016, as shown below.
SHIB/USD daily price chart. Source: TradingViewAccording to the rule of technical analysis, a cup and handle breakout target is determined by measuring the distance between the lowest point of the pattern and the resistance line and adding it to the breakout point. As a result, SHIB could head towards $0.00002253.
In other words, a 50% price increase by September.
An absurd rally, after all?Basically, Shiba Inu's 27% intraday price rise on August 14 had no visible catalyst, except for one metric showing that SHIB's burn rate jumped 825% in one daytime. But the amount of burnt SHIB is only worth more than $4,500.
Shiba Inu Burn Rate. Source: Shibburn.comOverall, however, the Shiba Inu Network has burned over $6.36 million worth of SHIB tokens in its lifetime.
Additionally, the Shiba Inu rally came nearly ten days after Binance announced to add SHIB support to its European-issued payment cards. In doing so, the crypto exchange has increased SHIB's potential to find new users in t...
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