SHIBA INU (SHIB) Price Eyes 36% Breakout as Bulls Target Recovery

SHIB price holds crucial support with two bullish patterns emerging. A successful breakout could push the meme coin 36% higher if buying momentum kicks in.

After weeks of sideways trading, Shiba Inu is showing signs of a potential breakout. SHIB is currently hovering around $0.00001264, but two key bullish patterns are developing that could send the token significantly higher.

SHIB Forms Cup & Handle Pattern for Potential Rally

A cup and handle formation has been developing since May, according to charts circulating on crypto Twitter. If SHIB completes this classic bullish pattern and buyers step in, the token could surge toward $0.0000171 – representing a solid 36% gain from current levels.

The pattern looks decent despite recent weakness, and the longer formation time could lead to a more explosive breakout if it plays out.

SHIB Double Bottom Reinforces Key Support

A double bottom pattern is also forming on the daily chart, strengthening support at $0.0000103. This level is absolutely critical for bulls – as long as SHIB holds above this zone, the bullish setup remains intact.

If the double bottom confirms, the next target sits around $0.0000239, offering roughly 25% upside from current prices.

SHIB Bulls Face Make-or-Break Moment

Everything hinges on the $0.0000103 support level. If this zone breaks, the bullish patterns become worthless and SHIB could see further downside. However, if volume picks up and SHIB breaks above key resistance levels, a strong rally could unfold.

As one trader noted in their recent post, this is essentially a make-or-break moment for Shiba Inu. The next few days will determine whether bulls can deliver on the technical setup.