Shiba Inu (SHIB) is experiencing notable price action that suggests a potential breakout. The token has seen a 6.99% surge in the past 24 hours and currently trades at $0.00002605, solidifying its position as the 13th largest cryptocurrency with a market capitalization of $15.35 billion. While trading volume has decreased by 11.93%, the volume-to-market cap ratio remains steady, indicating ongoing market participation. Technical analysis reveals a cup and handle pattern and a bullish pennant flag, both suggesting a likely upward price movement towards Fibonacci levels. An Elliott Wave analysis identifies the current phase as Wave 4, with Wave 5 projected to rally towards $0.00003449 and possibly extend to $0.00004880. However, caution is advised as the token faces immediate resistance at $0.00002950 and a failure to hold above the support level at $0.00002229 could invalidate the bullish setup.



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