Shiba Inu Surges 15% In 24 Hours, Short Sellers Face $1.8M Losses

Shiba Inu (SHIB), a popular dog-themed cryptocurrency, has surged by 15% in the past 24 hours, capturing the attention of traders worldwide. This significant price jump has sparked bullish momentum in the market, with analysts predicting a potential 60% rally in the coming weeks.

The recent price movement has formed a Cup & Handle pattern on the weekly chart, a bullish chart setup that often precedes major breakouts. This pattern suggests that SHIB could be on the verge of a substantial price increase. Currently, SHIB is trading around $0.0000152, having successfully bounced from its key support zone around $0.00001148. The price is now approaching the top of the “cup” near $0.00001500, a critical area to monitor for a potential breakout.

According to an analyst's forecast, SHIB could reach $0.00002215 in the near future, representing a 60% increase from its current price. If the rally gains momentum, the price could climb to $0.00002724 within a month. In the long run, if the bullish trend continues, SHIB could potentially reach $0.00003298.

As SHIB's price rises, short sellers are facing significant losses. In just one day, nearly $2.2 million worth of SHIB were liquidated, with the largest losses coming from short sellers who faced $1.8 million in liquidation. This indicates that many traders who bet against SHIB have been forced to close their positions at a loss.

Additionally, open interest in SHIB has increased by over 25%, reflecting growing interest and confidence among bullish traders. This rise in open interest suggests that more traders are entering long positions, further fueling the bullish momentum. If the buying pressure remains strong, SHIB could break through its current resistance levels and continue its upward trajectory.