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Key Insights:
- SHIB breaks the descending channel with a 12% daily price surge.
- The cup-and-handle pattern suggests a bullish continuation toward $0.0001833.
- Trading volume was up 228%, and the long-to-short ratio favored bulls.
SHIB price surpassed key resistance levels with high trading volume. Analysts predict a 12x rally, driven by increased trader interest and technical breakouts. Renewed ecosystem momentum is further supporting the bullish patterns.
SHIB Price Breaks Out, Analysts Call for Exponential Move
At press time, Shiba Inu traded at $0.000015, up 8% in 24 hours and 14% weekly. The move follows a breakout from a descending channel, boosting SHIB price. Analysts believe that if the momentum sustains, an extended upside is likely.
Technical analysts, including World of Charts, pointed to a bullish pattern structure. “Breaking descending channel range, successful breakout could lead solid rally… Expecting 2x,” the trader posted.
The bullish case of Shiba Inu was further backed by a cup-and-handle pattern that formed after its rebound in early March.
CryptoELITES identified the structure and claimed a target of $0.0001833, representing a 12x rally. Lucie, Shiba Inu’s marketing lead, reposted the analysis and said she “couldn’t agree more.”
Volume Spikes and Sentiment Flips Bullish
According to a recent post by Shiba Inu’s official social media handle, SHIB’s trading volume rose 228% in the last 30 days. The volume spike has increased liquidity and hinted at growing retail interest.
On-chain sentiment shows a notable shift, impacting SHIB price trends. Coinglass data revealed that SHIB’s long-to-short ratio increased to 1.08 this week, approaching its monthly peak. This indicates that more traders are anticipating price appreciation.
Satori_BTC added to the bullish narrative, noting,
Breakout Confirmed as SHIB Eyes Fibonacci Upside Levels
Shiba Inu has broken out from a months-long descending trendline, bolstering bullish projections already circulating in the market. A TradingView chart shared on March 26 highlighted SHIB’s surge of 12%.
This rally allowed the SHIB price to reclaim the $0.000015 mark. The price action further confirmed a breakout from a falling wedge pattern.
The setup places attention on the next key Fibonacci levels. CryptoELITES previously identified $0.00003117 as the neckline of the cup-and-handle pattern. A move beyond that level could validate a broader rally toward $0.00008757, close to the 2021 cycle peak.
The final Fibonacci extension at $0.0001833 reflects the projected 12x move from current prices. The chart also points to a shorter-term target of $0.00002550. This level is approximately 58% higher than the current price. It represents the 1.618 Fib level based on recent lows.
Momentum indicators offer further support. The relative strength index (RSI) of Shiba Inu stood near 65.5, approaching overbought conditions without breaching them.
Accumulation data shows a positive trend, with the Accum/Dist line reaching 84.34T. This indicates increasing investor interest and steady buying pressure.
Lucie, Shiba Inu’s ecosystem marketer, said the SHIB price may eventually hit $0.01. She admitted that the level is far off but called on the community to remain patient.
Earlier this year, the team hinted at ambitious long-term goals. These included a 67,421% surge from current prices — a move that would push SHIB to one cent.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
