Shiba Inu (SHIB) is in the limelight once again as traders anticipate a potential breakout. Analysts said the coin might be gearing up for a rally soon, and expect Shiba Inu price to surge to $0.0001$. At press time, the memecoin is trading for 0.00001161, so a surge from this price to the target is about 764%.
Meanwhile, SHIB has been ranging downwards after losing much of its upward momentum from earlier in the year. For the past three weeks, it has consolidating between $0.0000108 and $0.0000122, creating a narrow band of price action that many see as a buildup to something bigger.
On the daily chart via TradingView, the price recently took liquidity from a demand zone at 0.00001012. It was rejected out of the zone and broke structure to the upside, which is a sign that the bulls might be preparing to take over the market.
Moveover, the Relative Strength Index (RSI) is at 50.09, which is slightly above its average. This might not be extremely bullish, but it suggests that the buyers may be slowly stepping in. However, this alone isn’t enough to confirm a breakout.
Crypto analyst Javon Marks also confirmed this outlook on X: “$SHIB (Shiba Inu) has confirmed a clear Bullish Divergence with its MACD, and this points to a nearly 180% upside for prices back to $0.000032, and that may only be the start of a much larger positive reversal.”
However, the volume of trades has been low. Even large transactions, especially by whale wallets, have been flat for a while. On-chain activity appears quiet, and interest in the SHIB ecosystem remains muted. Analysts have noted that while the outlook is promising, confirmation will likely require a break above the $0.0000122 resistance line and a spike in trading volume.
Also Read: Pi Network’s PiChain Global Adds Passkey Feature on PCM Wallet
