SHIB Escapes Descending Channel, Consolidates Near Breakout Zone

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SHIB Escapes Descending Channel, Consolidates Near Breakout Zone

  • Shiba Inu (SHIB) trades near $0.00001235 with a $7.28B market cap despite a 4% weekly dip.
  • It broke a downward channel, hinting at a possible price rally.
  • Trading volume fell 31%, showing cautious traders.
  • SHIB could surge 150% to $0.000032 if momentum builds.

Shiba Inu (SHIB) has been showing promising signs lately, even though it’s dipped about 4% over the past week. The broader crypto market is pretty much stuck in a neutral phase after some recent ups and downs, but SHIB seems to be quietly gearing up for something bigger.

Right now, SHIB is trading around $0.00001235, up roughly 3% in the last day. Its market cap sits near $7.28 billion, keeping it solidly among the more notable memecoins. However, trading volume has dropped about 31% in the same timeframe, sitting around $140 million, which might suggest traders are holding back for now, waiting for clearer signals.

SHIB 7D graph coinmarketcap 9
Shiba Inu Rallies: SHIB Escapes Descending Channel, Consolidates Near Breakout Zone 5

Source: CoinMarketcap

Also Read: SHIB’s Bullish Breakout: Will It Reach $0.00001600 or Continue Falling?

Shiba Inu Exits Channel, Moves Toward Accumulation

On the charts, SHIB recently broke out of a downward sloping channel that had been holding the price down for a while. This breakout is a positive sign and shows that the coin could be moving into an accumulation phase, a period where investors quietly buy up tokens before a bigger move higher.

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Source: X

If buyers keep pushing, SHIB could target some key levels ahead: $0.00001400, $0.00001750, $0.00002050, and even $0.00002500.

SHIB Could Surge 150% to $0.000032 Soon

Looking further ahead, some experts are optimistic. One crypto commentator Javon Marks pointed out a bullish divergence earlier this year, which often signals a big rally might be coming.

Based on that, there’s a possibility SHIB could climb more than 150% and hit around $0.000032. And that might just be the start of a longer uptrend.

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Source: X

For anyone watching SHIB, the takeaway is this: while the market stays cautious overall, SHIB is showing signs that it could be ready for a strong move. Whether you’re trading short term or holding for the long haul, it’s worth keeping an eye on how the price behaves around those key resistance points.

Also Read: Shiba Inu (SHIB) Eyes Explosive Breakout Amid Market Recovery, Eyes 500%+ Surge

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