Gushiken Yona
Shiba Inu is coiling like a spring, primed for its next explosive move. Analysts say the dog-themed meme coin is flirting with a breakout, testing key resistance levels that could ignite a fresh rally. Will SHIB bulls seize control and send prices soaring, or is a sharp pullback lurking in the shadows?
Shiba Inu Price Analysis: Bullish Outlook
Crypto analyst CryptoWizard101 has been closely monitoring Shiba Inu’s price action, and their analysis suggests a potential bullish breakout is on the horizon.
“Shiba Inu price hit our target of 0.000015 before pulling back to the 0.000014 level,” CryptoWizard101 noted. “It seems to be preparing for another rally. If the overall market turns bullish, it could help propel the price to 0.000017.”
This suggests that if Bitcoin and the broader cryptocurrency market experience positive momentum, SHIB could be poised to break through the 0.000017 resistance level.
Supply Zone Resistance: Analyst Warns of Potential Shiba Inu Pullback
However, another crypto analyst, Marcus Corvinus, cautioned that SHIB faces significant resistance in the form of a “Supply Zone.” This area, ranging from 0.00001530 to 0.00001650, could present a challenge for SHIB bulls.
“$SHIB has broken out, but the battle isn’t over!” the analyst stated. “After a strong breakout from a Descending Broadening Wedge, SHIB is now wrestling with a critical Supply Zone (0.00001530 – 0.00001650). Rejection here could trigger a deeper pullback—watch 0.00001181 for a bounce or a liquidity sweep at 0.00001081!”
This means that if Shiba Inu fails to break through this supply zone, it could experience a significant price correction. The analyst identified 0.00001181 as a potential bounce level, and 0.00001081 as a level where a “liquidity sweep” (a rapid price decline designed to trigger stop-loss orders) could occur.
SHIB Breakout Scenario: A Violent Squeeze Towards 0.000019?
Despite the potential for a pullback, the analyst also outlines a bullish scenario. If SHIB can successfully break through the 0.00001711 resistance level, it could trigger a rapid price increase.
“But if bulls smash through 0.00001711, the squeeze toward 0.00001900 could be violent,” the analyst stated. This “squeeze” refers to a situation where short sellers (investors betting on the price to go down) are forced to cover their positions, driving the price even higher.
Trading Strategy: Key SHIB Levels to Watch
The technical analysis suggests that Shiba Inu is at a critical juncture. Traders should closely monitor the following levels:
- Resistance 1: 0.00001530 – 0.00001650 (Supply Zone – potential for rejection)
- Resistance 2: 0.00001711 (Key Breakout Level – potential for a rally to 0.000019)
- Support 1: 0.00001181 (Potential Bounce Level)
- Support 2: 0.00001081 (Potential Liquidity Sweep Level)
Despite ongoing market volatility, Shiba Inu has held its ground this week. CoinMarketCap data shows SHIB trading at $0.00001320 as of 7:31 a.m. ET on Friday, up 4.71% over the past seven days, with a 24-hour trading volume of $257.73 million.
Read More
- Shiba Inu Breaks Out: 415% Surge Eyed As Strength Returns
- Shibarium Erupts: 4,000% User Surge, Transactions Soar
- Bitcoin Caught in Crossfire: Retail Weakens, Institutions Buy the Dip
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.
