Shiba Inu Surpasses Long-standing Resistance, Aims for $0.000081
Shiba Inu has broken through an 11-week resistance level, posting a 10.52% climb as it targets $0.000081 amidst growing bullish momentum.
The SHIB/USD pair has experienced a significant shift in its trading pattern, finally overcoming a persistent resistance level that had hindered its price growth for several weeks. This breakthrough is a pivotal moment for the cryptocurrency, as it now sets its sights on potentially higher targets.
After a period of stagnant price movements, Shiba Inu managed to breach an 11-week resistance level that had established itself in early March. Market researcher Jake Wujastyk highlighted data indicating that the SHIB/USD trading pair started climbing, reaching a peak of $0.00004500 in the same month.
Following this peak, there was a period of decline, and significant upward movement did not occur until mid-May 2024. Consequently, the recent breakout trend observed last week is particularly noteworthy, as the weekly chart shows a 10.52% increase from the previous week, signaling strong bullish sentiment in the market.
This rise follows a period in which Shiba Inu’s value was consistently suppressed by a resistance trendline, connecting peak prices over several months. This trendline had served as a stubborn barrier, preventing any significant upward movement.
Financial analysts are now optimistic about Shiba Inu’s potential for further gains. Analyst Javon Marks, as stated in a report from The Crypto Basic, projected that a breakout in SHIB could result in a 210% increase. This surge could push its value to $0.000081, just below its all-time high (ATH) of $0.00008845. Marks also suggested that surpassing this level could potentially lead to a rise to $0.0001553, marking an over 500% increase from its current price.
As of now, Shiba Inu is trading at $0.00002595, representing a 2.17% increase from the previous day. The trading volume has also seen a substantial rise of 34.37% to reach $1,217,382,364.