Shiba Inu eyes 50% rally as SHIB price enters 'cup-and-handle' breakout mode

Cointelegraph

Published Aug 14, 2022 05:00PM ET

Updated Aug 14, 2022 06:40PM ET

Shiba Inu (SHIB) broke out of its prevailing "cup-and-handle" pattern on Aug. 14, raising its prospects of securing additional gains in the coming weeks.

A cup-and-handle appears when the price falls and rises in a U-shaped trajectory in the first stage, followed by a swift move sideways or downward in the second. Notably, the price trend develops under a common resistance level.

SHIB/USD daily price chart. Source: TradingView
Shiba Inu burn rate. Source: Shibburn.com
SHIB/USD daily price chart. Source: TradingView

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