Shiba Inu Price Eyes Major Target After Completing Bullish Setup
Key Insights:
- Shiba Inu coin price has surged 50% from its June low of $0.00001004, breaking above a key resistance trendline.
- Analyst predicts SHIB’s next target is $0.000025, a level last rejected in January 2024.
- SHIB has gained 32% in July and 16.5% in the past week, joining a broader altcoin market uptrend.
Shiba Inu coin (SHIB) price showed renewed strength after reclaiming key technical levels and staging a rebound that has drawn attention from analysts.
According to analysts, the meme coin completed what he described as a “free masterclass in liquidity” before resuming an upward trajectory. SHIB price was approaching the $0.000025 region, a key level identified by several analysts.
Shiba Inu Coin Has Surged 50% From its June Low
Shiba Inu’s price dropped to a low of $0.00001004 on June 22 after temporarily breaching its local support zone.
This dip triggered widespread stop-loss activation, forcing weak positions to close. According to Tradersboat, this movement was a deliberate liquidity grab that formed the basis for a stronger trend reversal.
Consequently, the event swept retail stop-losses, marking a low that has since served as a springboard for bullish action.
From that June low, Shiba Inu price has recovered by 50%, climbing past its previous resistance levels. The move also broke a descending trendline that previously capped price rallies.
In addition, the break above this trendline confirmed a market structure shift and enabled further advances.
The analyst pointed to a pattern of higher highs and higher lows, which typically characterizes a bullish trend continuation.
Analyst Predicts Shiba Inu Price Next Target is $0.000025
More so, Tradersboat noted that the momentum was aligned with Shiba Inu price historical resistance and supply zones.
The analyst forecasted that the next key area lay around $0.000025, which previously rejected the meme coin during the 2024 rally.
Additionally, the meme coin’s price broke through selling pressure, briefly pulled back below it, and now this level has become a key area in the current upward move.
In case Shiba Inu price succeeds in reclaiming and securing above this level, the analyst noted the next target area of interest may extend to the $0.000035 region.
SHIB Price Has Gained 32% in July
Meanwhile, Shiba Inu price has been doing well in July, with the token increasing by 32%. The weekly performance is roughly an 11.5% increase, which was higher than many other meme coins in the same period.
Notably, this rise was attributed both to the technical price movement, as well as a general recovery in the altcoin market.
SHIB price bullish momentum was driven by a wider recovery trend among mid- and low-cap altcoins.
Furthermore, the uptrend was further validated by rising volume and consistent support above moving averages.
SHIB price ability to maintain support above $0.00001500 was crucial, a zone that was a breakout confirmation level after the trendline breach.
Shiba Inu is Up Nearly 40% as Ecosystem Expands
Meanwhile, CryptoMoses recently pointed out that Shiba Inu has increased by nearly 40% over the past 30 days. He cited multiple factors contributing to this rise beyond price movements.
In his post, he suggested that the SHIB ecosystem is still growing rapidly with Shibarium adoption and AI greatly improving.
These changes in the ecosystem are accompanied by bullish movements in Ethereum, the platform on which Shiba Inu operates as an ERC-20 token.
Ethereum’s breakout has enhanced the liquidity aspect of various projects on its network, including SHIB.
A combination of these factors suggested that Shiba Inu coin rally could also be due to underlying adoption patterns in the project.
The post Shiba Inu Price Eyes Major Target After Completing Bullish Setup appeared first on The Coin Republic.