Shiba Inu (SHIB) is potentially set for a 30% rally, with technical indicators suggesting a favorable setup. The daily chart reveals a cup-and-handle pattern, a bullish sign indicating a continued uptrend might be on the horizon.
The cup was formed between mid-July and early October, and the handle appeared last month, indicating readiness for a breakout. The key is increasing buying pressure, with SHIB's price possibly soaring higher based on Investor interest and support from the Money Flow Index (MFI).
The MFI, which assesses buying and selling pressure, is currently on the rise. Values above 80 on the MFI often indicate an overbought condition. SHIB must breach current resistance levels to achieve this target, potentially reaching $0.000025.
Fibonacci retracement analysis shows SHIB has bounced off the 61.8% level, pointing to a possible continued rise. If SHIB overcomes resistance at $0.000020, the rally could continue; otherwise, a dip to $0.000015 may occur.
