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Shiba Inu Price Jump By 15% – More 60% Rally To Come

Published by
Mustafa Mulla

Shiba Inu (SHIB), the internet’s favorite dog-themed coin, is making headlines once again. Over the past 24 hours, SHIB has jumped by more than 15%, catching the attention of traders across the market. While Bitcoin and other altcoins are also on the rise, SHIB’s strong move is pushing it 60% price rally.

SHIB Forms Bullish Cup & Handle

Currently, Shiba Inu price is trading around $0.0000152, reflecting a jump of more than 15% in the last 24 hours. Meanwhile, a Psydunuemus Crypto analyst sees SHIB forming a Cup & Handle Pattern seen in the weekly chart, a bullish chart setup often seen before major breakouts.  

So far, SHIB has successfully bounced from its key support zone around $0.00001148, which has acted as a strong foundation for this bullish structure. Now, the price is approaching the top of the “cup” near $0.00001500, a key area to watch for a breakout.

The analyst pointed out that SHIB could reach $0.00002215 soon, and if that happens, it would mean a 60% jump from where it is now.

Meanwhile, if the rally picks up speed, it might climb to $0.00002724 within a month. And if the bullish trend continues over time, it could even go as high as $0.00003298 in the long run.

Short Sellers Take a Hit

While SHIB moves up, traders betting against it are feeling the pressure. In just one day, nearly $2.2 million worth of shib were liquidated, while the largest losses came from short sellers who faced $1.8 million in liquidation. 

That means many traders who thought SHIB would fall have been forced to close their positions at a loss.

Interestingly, Open interest, or the number of active contracts in SHIB, has also jumped over 25%, showing growing interest and confidence among bullish traders. But if SHIB buyers stay strong, the meme coin could smash through this barrier.

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

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