Shiba

Resistance

when

Shiba Inu

Gains

<p>The Dogecoin-killer meme cryptocurrency <a href="https://cryptoticker.io/en/token/SHIB">Shiba Inu (SHIB)</a> is finally heating up after months of choppy trading. SHIB has decisively shattered a stubborn 11-week resistance level that had kept a lid on its price, unleashing bullish momentum not seen since its blistering rally in early 2022.</p>
<p>The breakout, which saw SHIB surge over <strong>10% last week</strong>, is backed by strengthening fundamentals and technical indicators signaling the potential for much higher prices in the coming weeks and months.</p>
<h2 id="clearing-a-make-or-break-hurdle">Clearing a Make-or-Break Hurdle</h2>
<p>According to <a href="https://cryptoticker.io/en/shib-burnrate-increased-by-500-shib-.10-soon">data</a> from crypto analyst Jake Wujastyk, SHIB has been stuck in a range since peaking near $0.000045 in early March. Each attempt to break out was met with stiff resistance from a descending trendline that acted as a rallying cry for sellers.</p>
<p>However, that all changed on May 20th when SHIB sliced through the trendline and horizontal resistance at $0.0000253 on high volume. This decisive move suggests the presence of strong buyer appetite that could propel SHIB towards its next big target at $0.0000315 – a 25% upside from current levels.</p>
<h2 id="bullish-forecasts-abound">Bullish Forecasts Abound</h2>
<p>Emboldened by the breakout, analysts are making increasingly bullish calls on where <a href="https://cryptoticker.io/en/shiba-inu-new-price-levels">SHIB</a> could be headed next. Javon Marks of The Crypto Basic sees SHIB staging a 210% rally to hit $0.000081 if the momentum continues. That would bring it just shy of its all-time high around $0.00008845 set in October 2021.</p>
<p>In Marks' most optimistic scenario, SHIB could skyrocket over 500% from here to reach $0.0001553 should it clear the $0.000081 hurdle.</p>
<p>At the time of writing, SHIB is trading at $0.00002519 – up 2.17% on the day amid a 34% spike in trading volume to $1.2 billion.</p>
<figure class="image">
 <img style="aspect-ratio:1714/676;" src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/SHIBUSDT_2024_05_22_22_20_29_0d637b5872.png" alt="SHIBUSDT_2024-05-22_22-20-29.png" width="1714" height="676">
 <figcaption>
  SHIB Current Price as of Writing this Article - <a href="https://www.tradingview.com/symbols/SHIBUSD/?aff_id=127958">TRADINGVIEW</a>
 </figcaption>
</figure>
<h2 id="signs-of-accumulation">Signs of Accumulation</h2>
<p>Digging into the on-chain data, there are signs that institutional money has been actively accumulating <a href="https://cryptoticker.io/en/shiba-inu-price">SHIB</a> in recent months. Santiment's "Whale Transaction Count" metric, which tracks transactions over $100,000, shows consistent spikes when SHIB dipped between mid-April and late May.</p>
<p>This pattern indicates that deep-pocketed investors were taking advantage of the low prices during the consolidation period. Their doubling down lends further credence to the technical breakout now playing out on the charts.</p>
<h2 id="a-risk-to-the-bullish-thesis">A Risk to the Bullish Thesis</h2>
<p>While the current setup looks overwhelmingly bullish for SHIB, analysts warn that the tide could turn quickly if the crypto market sentiment sours unexpectedly. Specifically, if SHIB breaks below $0.0000210 on daily closing basis, it would invalidate the entire bullish outlook by forming a fresh lower low.</p>
<p>Under that bearish scenario, Marks states SHIB could be in for a 20% plunge towards the next key support around $0.0000168. Traders would be wise to keep a close eye on the market dynamics and have a risk management plan in place.</p>
<p>For now, however, the path of least resistance for the Dogecoin-rival appears to be up as it basks in its latest breakout success. All eyes are on whether SHIB can keep building on its newly-minted bullish momentum.</p>

SHIB Ignites After Smashing Key Resistance

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