Shiba Inu Price May Hit $0.00002 If Bulls Hold $0.000015 Support Level

Key Insights:

• Shiba Inu price broke past $0.000015 after clearing a major downtrend resistance.
• Over 5.82M SHIB were burned in 24 hours, increasing the burn rate by 760.06%.
• The whales’ increased volume and high activity strengthen a bullish run to $0.000017.

Shiba Inu price saw a move above the previous high of just over $0.000015 on high volume and big token burns, indicating a change in formation. The rally represented the first significant breakout by SHIB since February as the bulls take back over important resistance levels.

In case the meme coin token successfully maintains above its new support, analysts anticipate a sharp surge to as high as $0.000017 and even further to $0.000020.

Shiba Inu Price Breakout Ends Months-Long Downtrend

Shiba Inu price has officially invalidated its multi-month downtrend after breaking a long-standing descending trendline. A chart shared by the official Shiba Inu account confirmed the breakout, showing green daily candles closing above $0.000015.

SHIB price action now reflects a trend reversal. SHIB price printed higher lows and finally broke through horizontal resistance at $0.0000152, with the 1D chart confirming a daily gain of 4.56%.

The meme coin breakout came amidst increased whale activity, sustained inflows, and increased volume. Notably, the price is settling above the previous resistance as momentum indicators persist to give bullish signals.

Interestingly, major resistance levels were currently set at $0.000017 and $0.000020, which served as reversal zones in the previous cycles. However, if the bullish trend holds above $0.000015, many analysts believe these targets are within reach.

SHIB Burn Rate Surge Adds to Bullish Momentum

On-chain metrics have also turned bullish, with Shibburn data reporting a 760.06% spike in SHIB’s daily burn rate. In the last 24 hours alone, over 5.89 million SHIB tokens were permanently removed from circulation. The deflationary burn included a notable single burn from one address and several large transfers above 100,000 SHIB.

The decrease in supply is coincidental, thus increasing demand under optimal circumstances to push up the SHIB price. The market cap of SHIB is currently above 9.12 billion, and the 24-hour volume is currently more than 660 million.

This burn rate increase indicated good coordination with community-based and automated burns. SHIB is showing positive short-term prospects as the supply has declined and the volume has increased. Tokenomics, evident in several timeframes now, sustains the bullish formation.

SHIB Bulls Eye $0.000017 With This Support

Furthermore, SHIB Possessor posted a chart showing a bullish breakout toward $0.0000165, with higher lows forming on the hourly chart. After breaching the $0.000015 barrier, SHIB price briefly retested the breakout zone near $0.0000144 and held, flipping it into support.

The concentration around $0.0000150 has attracted buying interest, and hourly candles have been printing clean upper wicks.

More so, the trader noted that SHIB price appeared “ready for the next pump” from current levels. The pattern revealed a significant overlap of short-term trends with bullish reversal on the daily chart. The meme coin price is expected to exceed the $0.000017 level as buyers anticipate a near-term rally in the future.

SHIB Macro Breakout Targets $0.000081

Meanwhile, analyst BezosCrypto shared a macro chart highlighting Shiba Inu’s breakout from a long-term descending trendline. In his analysis, he believed the break above $0.000015 was a structural break resembling classic patterns like the cup-and-handle or an inverse head-and-shoulders. These patterns, if confirmed, often lead to exponential continuation.

His formation showed that past swing highs and lows created a long accumulation base. The breakout has now indicated that this base might have finalized and that the top meme coin is entering a new growth phase. The trend will stay intact as long as the SHIB price remains above the neckline of around $0.000015 and continues to print new higher lows.

Notably, the macro target given by Bezos Crypto stands at $0.000081, more than 500% higher than the current price. This zone aligned with historical prices from previous bull market cycles and reflected the upper range of SHIB’s past parabolic rallies.