Shiba Inu Just Killed a Zero! All Eyes On This Level Now

Memecoin darling Shiba Inu (SHIB) has seen a remarkable price resurgence over the past week. After consolidating between $0.0000055 and $0.000008 for months in an ascending triangle, SHIB finally broke out upwards surpassing the key psychological barrier of $0.00001.

As of writing, SHIB is trading at $0.00001015, up over 16% in the last 24 hours. Trading volume has skyrocketed to over $850 million indicating strong interest behind the rally.

Technical analysis by altFins provides insights into SHIB’s potential next moves:

  • The triangle breakout signals a bullish trend reversal after months of decline. SHIB appears positioned to test overhead resistance around the $0.000010 and $0.000012 levels.
  • Key momentum indicators like the MACD and RSI line up with the bullish setup, showing growing positive traction.
  • Near-term support now likely lies between $0.000008 and $0.0000055 based on the ascending triangle’s lower trendline.

Driving force behind the breakout seems to be excitement around the upcoming mainnet launch of Shibarium. The layer-2 scaling solution could significantly expand SHIB’s utility. The protocol also aims to burn SHIB tokens reducing circulating supply.

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While promising, the rally warrants measured optimism.

SHIB remains in a long-term downtrend and faces historical resistance around $0.000012.

Traders should watch key levels outlined above and practice sound risk management. But with Shibarium on the horizon, SHIB may continue its bullish form in the short-term.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of


Torsten Hartmann
Torsten Hartmann

Torsten Hartmann has been an editor in the CaptainAltcoin team since August 2017. He holds a degree in politics and economics. He gained professional experience as a PR for a local political party before moving to journalism. Since 2017, he has pivoted his career towards blockchain technology, with principal interest in applications of blockchain technology in politics, business and society.

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