Shiba Inu (SHIB<\/a>) broke out of its prevailing\u00a0cup-and-handle<\/a>\u00a0pattern on Aug. 14, raising its prospects of securing additional gains in the coming weeks.<\/p>\n 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.<\/p>\n Typically, cup-and-handle patterns resolve after the price breaks above the resistance level; SHIB did the same on Aug. 14 after rising 27% to $0.000016, as shown below.<\/p>\n Per the rule of technical analysis, a cup-and-handle breakout target is determined by measuring the distance between the pattern\u2019s lowest point and resistance line and adding it to the breakout point. As a result, SHIB could head toward $0.00002253.<\/p>\n In other words, a 50% price rally by September.<\/p>\n Fundamentally, Shiba Inu\u2019s 27% intraday price rally on Aug. 14 had no visible catalysts except a metric showing<\/a> that SHIB\u2019s burn rate surged by 825% in a day. But the amount of burned SHIB is worth only over $4,500.<\/p>\n On the whole, however, the Shiba Inu network has burned over $6.36 million worth of SHIB tokens in its lifetime.<\/p>\n In addition, the Shiba Inu rally came almost ten days after Binance\u2019s announcement<\/a> to add SHIB support on its payment cards issued in Europe. In doing so, the crypto exchange raised SHIB\u2019s potential to find new users in the emerging European cryptocurrency space.<\/p>\n We are pleased to announce that @binance<\/a> has added SHIB to the list of supported tokens for the Binance Card issued in Europe.<\/p>\n You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!https:\/\/t.co\/0Xj7IXPyt0<\/a> pic.twitter.com\/FqINtnHFWx<\/a><\/p>\n \u2014 Shib (@Shibtoken) August 5, 2022<\/a><\/p><\/blockquote>\n Weak fundamentals could offset SHIB\u2019s technically bullish bias, however, given that cup-and-handle setups have only a 61% success rate in meeting their profit targets, according<\/a> to veteran analyst Tom Bulkowski.<\/p>\nShiba Inu could soar 50%<\/h2>\n
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A nonsense rally, nonetheless?<\/h2>\n
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