Shiba Inu on a ‘Cup and Handle’ Pattern! Good Sign or Bad Sign?

Shiba Inu is forming an escalating pattern demonstrating that its price might soon surge

The year 2022 has been a roller coaster ride for Shiba Inu and other cryptocurrencies. The present condition of the crypto market is not as bullish as we would expect it to be, but it definitely has presented itself with an array of opportunities for investors. Shiba Inu is one of the largest memecoin that has been in the limelight since 2021. The token's meteoric rise is one of the major triggers that attracted crypto whales towards it. SHIB plummeted at the same time when all other crypto prices declined. But as the market recovers, the SHIB price seems to raise its bars too!

Experts believe that the Shiba Inu price is heading towards a 50% price rally and is speculated to form a 'cup and handle' pattern. Generally, a cup and handle pattern when the market value of the digital currencies falls and surges, forming a U-shape price trajectory. Eventually, the price tends to develop under a stabilized resistance level. The price rally is expected to arrive as early as September.

The buying strength of the memecoin continues to remain strong, but this momentum should continue, in case the crypto wishes to experience and maintain an uptrend. The amount of SHIB tokens that were traded in the last trading session declined massively triggering major sell-off pressures in the investment community. But despite the fall in price, crypto whales have continued to gather the tokens, eventually aiding SHIB's buying strength.

The price surges can definitely be labeled as a positive sign for Shiba Inu. Currently, its value is locking up gains and is waiting for over a 25% rise by the end of August. However, several experts have denoted that the developers need to continue to introduce developments to make it more market-relevant for investors to use in the future.