- A Predicts Shiba Inu(SHIB) to Reach $0.00006 After 17% Surge and Major Resistance Break
- Shiba Inu Shows Promising Recovery with a 17% Three-Day Spike, Eyeing New Yearly Highs
Shiba Inu (SHIB) is showing signs of a remarkable recovery, breaking through a significant resistance level after a notable 17% spike over three days. This bullish momentum has analysts and investors optimistic about the cryptocurrency’s potential to reach new yearly highs.
Shiba Inu Soars 17% in 3 Days
In the past three days, Shiba Inu has experienced a robust 17.56% increase, marking its most substantial gain since a similar surge in late February. This previous uptrend saw SHIB achieve a remarkable 370% gain, peaking at $0.000045. SHIB Knight, a respected analyst, suggests that this recent surge might lead to comparable gains.
The recent breakout occurred after Shiba Inu retested the $0.000029 price threshold for the first time in nearly two months. This recovery push has been instrumental in overcoming a resistance trendline that has hindered SHIB’s progress for over two months. This trendline was formed after SHIB’s decline from the $0.00004567 high on March 5, where every attempt to breach it faced significant bearish resistance.
An Imminent Push Toward $0.00006
The successful breakout above the resistance trendline on May 15, marked by a 9.88% intraday gain, set the stage for SHIB’s recent rally. This achievement raised hopes for an imminent upswing, potentially driving Shiba Inu to a new yearly high of $0.00006. The last time SHIB reached this level was in November 2021.
For context, a push to $0.00006 from the May 24 trading value of $0.00002375 would require a 152% increase. However, with SHIB reclaiming the $0.000028 territory, the required gain now stands at 108%, significantly lower than the 370% rise witnessed earlier this year. Despite the recent surge, SHIB’s daily RSI remains at 65.97, indicating more room for growth.
Market Dynamics and Potential Risks
Recent market data from CryptoQuant highlights a significant transaction volume of 5.3 trillion SHIB and over 1 trillion tokens in exchange netflow, suggesting increased market activity. While this could potentially introduce selling pressure, historical trends indicate that such spikes have preceded substantial rallies, as seen in late February before SHIB’s climb to $0.000045.
The combination of technical breakthroughs and strong market activity positions Shiba Inu for a potential rise to $0.00006. Investors and traders are keenly observing SHIB’s movements, anticipating whether this bullish trend will continue and deliver another historic high.
