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.
