Shiba Inu surpasses 11-week resistance, climbing 10.52% as it aims for $0.000081 amid growing bullish momentum.
The SHIB/USD pair has shown a notable change in its trading pattern, breaking through a persistent resistance level that had capped its price growth for several weeks. This development marks a key momentum shift for the cryptocurrency, as it now sets sights on potentially higher targets.
SHIB Breakouts at $0.00002638
After a prolonged period of stagnant price movements, Shiba Inu has finally overcome an 11-week resistance level that was firmly established in early March. According to data highlighted by market researcher Jake Wujastyk on X, the SHIB/USD trading pair began to climb, peaking at $0.00004500 the same month.
Shiba Inu 1W Chart | Jake Wujastyk
Following this peak, there was a period of decline, with the cryptocurrency not showing significant upward movement until mid-May 2024. Subsequently, the recent breakout trend last week is particularly noteworthy, as the weekly chart shows a 10.52% increase from the previous week, indicating strong bullish sentiment in the market.
This rise followed a period during which Shiba Inu’s value was repeatedly suppressed by a resistance trendline. This trendline, which connected the peak prices over several months, had acted as a stubborn barrier preventing any crucial upward movement.
Shiba Inu to $0.000081
Looking ahead, financial analysts are optimistic about Shiba Inu’s potential for further gains. In a related report from The Crypto Basic, analyst Javon Marks projected that a breakout in SHIB could lead to a 210% increase.
This surge would push its value to $0.000081, just shy of its all-time high (ATH) of $0.00008845. Marks also suggested that if SHIB exceeds this level, it could potentially rise to $0.0001553, marking an over 500% increase from its current price.
As of press time, Shiba Inu is trading at $0.00002595. This represents a 2.17% increase from the day before, accompanied by a substantial 34.37% increase in trading volume, which now stands at $1,217,382,364.
