- Shiba Inu price surged by 45% after the breakout.
- The SHIB price was fluctuating within the resistance zone of $0.0000300.
In a broader time frame, the Shiba Inu (SHIB) has triggered a breakout from a descending channel. After this considerable breakout, the Shiba Inu coin price has shaped a symmetrical triangle pattern. The price has triggered a strong breakout from the triangle and has surged by 45% in four days.
The SHIB crypto price has reached the resistance level of $0.0000300 with strong buying momentum. However, based on the historical chart, the momentum could show weakness as it has been in a selling zone. Let’s see how the Shiba Inu price reacts near this resistance level.
Could Shib Inu Coin Reach Multi-year High After Another Breakout?
At press time, the Shiba Inu coin was trading at $0.0000288, with an intraday gain of 3.40%. Its market capitalization was $17.01 Billion, and the 24-hour trading volume was $5.32 Billion.
After a strong bullish candlestick, the Shiba price has formed two green candles, showing buyers’ presence. This scenario suggested that the SHIB crypto has the potential for another rally.
If the crypto asset price manages to surpass the $0.0000300 mark, it could attract buyers. The current crypto market sentiment is bullish. Strong buying pressure can be received if the price exceeds the $0.0000300 mark. The price is expected to gain 30% amid this rally.
Alternatively, buyers might panic if the SHIB price faces resistance from this territory. The price may react negatively if the price forms any bearish candlestick near this resistance level. Here, investors might prefer to book profits. This could lead to a bearish trend.
Turning to the technical indicators, the SHIB price was trading over the key moving averages, indicating buyers’ dominance. The MACD has displayed a crossover with the Signal line. That showcased the bull’s grip. The histograms have flipped to green, indicating a bullish forecast.
Analysts’ Thoughts on Shiba Inu Crypto
An analyst believes the Shiba Inu coin price has considerable potential for a massive bullish rally. The cryptocurrency market is expected to buzz in the next 6-12 months.
The next 6-12 months will be huge for crypto!
— Seeking Connection Summer of Shibarium (@MilanAr97154294) November 9, 2024
This is one of the best chances to build lasting wealth.
âš¡ Are you ready to make the most of it? Do you hold $Shiba ?#StarAcademyLeLive #cryptomarket #ShibaInu #SHIBARMYSTRONG #Israel pic.twitter.com/3DYkXuYBzS
It has the potential for wealth building as investors have a bullish vision. Shiba Inu is one of the most popular memecoins. The analysts have predicted that the SHIB price may gain 5000% by 2025.
Shiba Inu Price Prediction Over Technical Chart
The recent breakout of Shiba Inu Coin has generated significant momentum. Following its emergence from a descending channel, it has witnessed a notable 45% increase. The coin also showed the subsequent formation of a symmetrical triangle pattern.
As the price approaches the resistance level of $0.0000300, the current bullish sentiment in the market could lead to further gains. This could make a potential 30% rally feasible if the $0.0000300 barrier is surpassed.
However, traders should remain cautious. Any signs of weakness or bearish candlesticks near this resistance might trigger profit-taking. It has the potential to reverse the positive trend.
Technical indicators suggest sustained buyer dominance. Still, maintaining upward momentum will be vital in determining the future direction of the SHIB price.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.