Key Takeaways
- SHIB’s price surged past $0.000012, confirming a breakout above a descending channel.
- The BBP and AO have flipped positive, indicating that SHIB bulls have taken control.
- If momentum holds, SHIB’s price could rise toward $0.000015, with $0.000019 possible.
Shiba Inu’s (SHIB) price has broken out again following a market-wide rebound.
In the last 24 hours, it has reclaimed $0.000012 after lingering in consolidation for some weeks.
This development has put SHIB’s price back into the spotlight as the token aims to recover fully.
While the recent rebound might be mild, this analysis reveals that the memecoin could continue breaking key resistance levels in the coming days.
SHIB Clears Resistance
SHIB is showing fresh signs of strength after weeks of sluggish price action.
On the 4-hour chart, the token had been stuck in a descending channel since May 11. But that changed today, as SHIB broke above the channel’s upper trendline, marking a potential shift in momentum.
The breakout follows a noticeable surge in buying activity. For much of the past few months, SHIB struggled to generate meaningful accumulation, but that’s no longer the case.
One indicator supporting the change is the Bull Bear Power (BBP), which has flipped into positive territory, signaling that bulls are now firmly in control.
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The Awesome Oscillator (AO) has also turned green and crossed into positive territory, further confirming that bullish momentum is building.
If this trend holds, SHIB could extend its rally toward the next major resistance around $0.000014. But bulls will need to defend the $0.000011 support level to keep the momentum going. A breakdown below that zone could invalidate the breakout.
For now, though, SHIB appears to be regaining its footing, potentially setting the stage for a stronger move ahead.
SHIB Price Analysis: Uptrend to Extend
While some market observers might assume this to be a false breakout, the daily chart differs. As seen below, SHIB’s price has traded in a falling triangle since December 2024.
Like the 4-hour chart, the support level stands at $0.000011. However, CCN observed that the cryptocurrency’s current value is flirting with the upper trendline of the descending triangle.
This position indicates that SHIB’s price is trying to push for a massive rally. However, buying pressure must increase to validate that, and other indicators must align.
At the time of writing, the Money Flow Index (MFI) had yet to rise from its oversold region. The indicator has to rise above the neutral line to validate the breakout.
This might happen as SHIB’s price has risen above the 20-day Exponential Moving Average (EMA). The rise above the 20 EMA (blue) indicates that SHIB has strong support to keep the trading higher.
If this trend continues, the cryptocurrency might rise to $0.000015. Rising buying pressure could send the token further higher toward $0.000019.
However, a breakdown below the horizontal support might invalidate this prediction. In that scenario, SHIB’s price might experience another correction.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
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