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.
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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.
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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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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