Shiba Inu Breaks Out Above Key Levels, Eyes 100–150% Rally
Shiba Inu (SHIB) has broken above its long-term falling wedge and key resistance at $0.000015, entering a bullish ascending channel. Trading volume surged 55% to $575 million, and the Relative Strength Index (RSI) stands near 80, signaling strong momentum but overbought conditions. Analysts CryptoKartha and StonkTrump project a 100–150% rally, targeting $0.000032–$0.000039. SHIB now faces local resistance around $0.00001720, with a daily close above this level opening the door to the psychological $0.00002 mark. On-chain metrics remain weak: whale transactions are flat, active addresses hover near multi-month lows, and token burns have limited supply impact. SHIB’s 30-day correlation with Bitcoin (BTC) is 0.89, suggesting that BTC’s trend will drive SHIB’s next move. Traders should monitor volume, RSI for potential pullbacks, and Bitcoin’s price for broader market cues.
Bullish
The falling wedge breakout above $0.000015 and entry into an ascending channel, combined with a 55% volume surge and RSI near 80, point to strong bullish momentum for SHIB. Analyst forecasts of a 100–150% rally to $0.000032–$0.000039 reinforce a positive outlook. However, overbought RSI and weak on-chain metrics may trigger short-term pullbacks around key resistances at $0.00001720 and $0.00002. In the long term, sustained capital inflows and Bitcoin’s trend (correlation of 0.89) will be critical to maintaining SHIB’s upward trajectory.