Shiba Inu Primed for 26% Rally as Technical Breakout Confirmed—Memecoins Defy Gravity Again
Shiba Inu’s chart flashes the clearest bullish signal since its 2021 mania phase, with a textbook ascending triangle pattern suggesting imminent upside. Traders are piling in as SHIB tests resistance at $0.000027—a break above could trigger algorithmic buying frenzy.
Technical indicators align: RSI coils at 62 (bullish but not overbought), while volume spikes hint at accumulation. The 26% target mirrors the pattern’s height—a classic measuring technique that somehow still works in a market where ’fundamentals’ mean Elon’s latest tweet.
Caution remains—memecoins eat retail for breakfast. But with SHIB futures open interest hitting $95M and perpetual funding rates turning positive, the degens might actually be right this time. Just don’t mention the 98% crash from ATH.
Analyst Eyes Shiba Inu Price Pattern
The forecast originates from a crypto trader known online as SHIB KNIGHT. Posting on X (formerly Twitter), the analyst shared the Shiba Inu price chart against the stablecoin Tether (USDT). The chart highlighted a specific technical formation known as a “falling wedge.”
This pattern occurs when an asset’s price bounces between two downward-sloping trend lines that are gradually converging. Some traders interpret a decisive move above the upper trend line – a “breakout” – as a signal that the preceding downtrend might be reversing, potentially leading to higher prices.
Based on this interpretation, the crypto trader projected a target price NEAR $0.000017 if the breakout occurs. At the time the analysis was shared, the Shiba Inu price was hovering near the potential breakout point around $0.00001335. Reaching the $0.000017 target would represent approximately a 26% gain from that level.
The analyst’s chart also marked key price levels to watch. Potential support levels, where buying might emerge to slow or stop a price decline, were indicated near $0.00001320 and $0.00001279. Conversely, possible resistance levels on the way up, where selling pressure could intensify, were noted around $0.00001494 and $0.00001574, below the main $0.000017 target.
Market participants often use technical analysis like this to identify potential trading opportunities and manage risk. However, these patterns are not guarantees of future performance. The Shiba Inu price is notoriously volatile and subject to influences beyond chart formations, including overall market sentiment and online trends. The analysis by SHIB KNIGHT represents one interpretation of the current technical setup.
Recent Market Movement Supports Bullish Outlook
Adding context to the technical analysis, Shiba Inu demonstrated positive price movement in recent trading. As of 12:02 p.m. Eastern Time on Thursday, the token was trading at $0.00001364.
Data from CoinMarketCap indicated this price represented a notable 4.54% increase over the previous 24 hours. This short-term gain built upon slight increases over longer periods, with the price up 0.97% over the last seven days and showing a 4.58% rise compared to 30 days prior.
Trading activity over the 24-hour window saw $162.97 million worth of Shiba Inu exchanged. Reflecting the day’s gains, the token’s total market capitalization reached $8.04 billion, also up 4.54% in the period. This recent market behavior provides a backdrop for analysts watching for potential continuation signaled by chart patterns.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The SHIB Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
