- Shiba Inu (SHIB) has broken through an 11-week resistance level that had capped its price growth, marking a key momentum shift for the cryptocurrency.
- The SHIB/USD trading pair has shown a 10.52% increase from the previous week, indicating strong bullish sentiment in the market.
- Analysts project that a breakout in SHIB could lead to a 210% increase, pushing its value to $0.000081, just shy of its all-time high (ATH) of $0.00008845.
The Shiba Inu (SHIB) cryptocurrency has recently demonstrated a change in its trading pattern, breaking through a persistent resistance level that had hindered its price growth for several weeks. This development signifies a crucial momentum shift for the digital asset, as it now aims for potentially higher targets.
SHIB Breakout at $0.00002638
Shiba Inu has finally surpassed an 11-week resistance level that had been firmly established in early March, following a prolonged period of stagnant price movements. Market researcher Jake Wujastyk highlighted data on X (formerly Twitter), showing that the SHIB/USD trading pair began to climb, reaching a peak of $0.00004500 the same month.
After this peak, the cryptocurrency experienced a period of decline, with no significant upward movement until mid-May 2024. However, the recent breakout trend last week is particularly noteworthy, as the weekly chart indicates a 10.52% increase from the previous week, suggesting strong bullish sentiment in the market.
The recent upswing in Shiba Inu’s price comes after a period of sustained suppression by a resistance trendline. This trendline, formed by connecting the peak prices over several months, had effectively hindered any significant upward movement for the meme coin.
Shiba Inu’s Potential Ascent to $0.000081
Market analysts remain bullish on Shiba Inu’s prospects for additional price appreciation. Analyst Javon Marks forecasted that a successful breakout in SHIB could catalyze a 210% surge in its value.
Such a rally would propel SHIB’s price to $0.000081, positioning it just below its all-time high (ATH) of $0.00008845. Marks further posited that if SHIB can overcome this level, it has the potential to soar to $0.0001553, signifying a remarkable 500% increase from its present price point.
As of the time of writing, Shiba Inu is exchanging hands at $0.00002595, representing a 2.17% uptick from the previous day. Notably, this price action is bolstered by a sizable 34.37% surge in trading volume, which has reached $1,217,382,364.
