- Shiba Inu (SHIB) price surged 10.52% last week, breaking through a key resistance level that had capped its growth for 11 weeks.
- Analysts are bullish on SHIB, with some predicting a potential 210% increase to $0.000081, near its all-time high.
Shiba Inu (SHIB), the popular meme-based cryptocurrency, has shown renewed momentum after surpassing a crucial resistance level that had held it back for several weeks. This breakout suggests a potential shift in market sentiment and has analysts eyeing higher price targets for SHIB.
Breaking Through Resistance
Prior to the recent surge, SHIB’s price action had been stagnant for much of 2024. A persistent resistance level established in early March acted as a ceiling, preventing significant upward movement. However, according to market researcher Jake Wujastyk, the SHIB/USD pair finally broke through this resistance last week, climbing 10.52% compared to the previous week.
Targeting $0.000081 and Beyond
This breakout has instilled optimism among financial analysts. A report by The Crypto Basic cites analyst Javon Marks, who believes a sustained breakout could lead to a 210% increase for SHIB, pushing its price to $0.000081. This target sits just below the coin’s all-time high of $0.00008845. Marks further suggests that if SHIB surpasses this level, it could potentially reach $0.0001553, representing a staggering over 500% increase from its current price.
Trading Activity Picks Up
As of writing, coins are trading at $0.00002595, reflecting a 2.17% daily increase. This price rise is accompanied by a significant surge in trading volume, which currently sits at $1,217,382,364, a 34.37% increase. The rise in trading activity alongside the price increase indicates a potential increase in buying pressure behind the coin.
Important Disclaimer
It’s crucial to remember that this information is for informational purposes only and should not be construed as financial advice. The views expressed in this article may include the author’s personal opinions and do not necessarily reflect the views of any other entity. Readers are encouraged to conduct thorough research before making any investment decisions.