Shiba Inu (SHIB), which lagged behind Dogecoin (DOGE) in the super memecoin cycle, ended its long-running downtrend and signaled a potential rally.
Current price analysis and on-chain indicators suggest that SHIB price is breaking out of the downtrend and preparing to start a new rally. After months of consolidation, SHIB is currently aiming to break out of the key resistance at $0.000025.
Bullish Signals for SHIB Price$SHIB
According to an analysis by UToday, a major rally could begin once SHIB price breaks $0.000025. Breaking this level is seen as a key technical signal for SHIB and could pave the way for a strong rally.
Shiba Inu (SHIB) Analysis
Shibarium, the layer-2 solution for Shiba Inu (SHIB), broke a new record last week by trading more than half a billion dollars. With Shibarium attracting new users, it offers a positive outlook for SHIB investors.
SHIB, which has increased its trading volume under the influence of the super memecoin cycle, is giving bullish signals by rising above the 50-day and 200-day exponential moving averages (EMA). According to UTodays’ analysis, SHIB will need to overcome the resistance at $0.00003 before starting a major rally. The analysis included the following statement:
“The bullish outlook is supported by the latest chain data. It is clearly observed that major wallets holding SHIB made $2.69 billion worth of transactions last week. Furthermore, 61% of SHIB holders are in profit at current price levels, which may encourage additional accumulation.”
However, if the SHIB price increases rapidly, selling pressure from profitable wallets could increase price volatility. Whales, who hold 73% of the SHIB supply, could cause price fluctuations and massive sell-offs could occur when prices pull back to support levels.
According to the analysis, interest in SHIB is still ongoing and the current momentum and increasing trading volume could lead to the token surpassing recent highs in the near future. Considering SHIB’s technical indicators and on-chain data, investors and analysts are predicting a potential rally.