Shiba Inu (SHIB), a standout name in the memecoin space, has decisively broken through a critical long-term resistance level after months of consolidation. This technical move, watched closely by traders, suggests a significant shift in market dynamics and could pave the way for a substantial rally, with analysts eyeing a potential run-up towards the $0,00003400 mark.
The Technical Story Unfolds
For months, SHIB’s price was constrained by a descending trendline established earlier in the year, which consistently capped any upward momentum. The recent surge past this barrier, notably supported by an increase in trading volume, is a classic bullish signal for market analysts. This indicates that buying interest is strengthening and overcoming previous selling pressure.
Following the breakout, the price is now revisiting the $0,00001200 to $0,00001400 zone. This is a common pattern in technical analysis where a former ceiling of resistance transforms into a new floor of support. A firm hold above this level would be a strong confirmation of the trend’s reversal.
Price Levels and Market Sentiment
Investors are now closely monitoring this newly established support floor. As of the latest data, SHIB is trading at approximately $0,00001432, marking a 3,63% gain over 24 hours and an impressive 15,25% rise over the past week, with daily trading volume exceeding $486.000.000.
If this support holds and validates the breakout, analysts project a potential upward trajectory towards the $0,00002800 to $0,00003400 range. The move suggests the market may be transitioning from a prolonged period of price accumulation into a new expansion phase. For the wider market, a sustained rally in a high-profile token like SHIB could reignite speculative interest across the memecoin sector.
In essence, Shiba Inu stands at a pivotal moment. The successful breach of a key technical barrier has set the stage for a potential new uptrend, providing the strongest signal in months that bullish sentiment may be returning to the SHIB narrative.
Source: World Of Charts
Disclaimer: This article is for informational purposes only and should not be taken as financial advice. Always conduct thorough research before making investment decisions.
