This week is closing nicely for SHIB holders. The Shiba Inu price actually pumped 16% today and broke the $0.00003 resistance level, for the first time since March.
What’s even more interesting is that SHIB did this while other major memes such as DOGE and BONK remain flat.
I checked Shibarium and Shibburn stats and didn’t see any reason for this pump. Shibarium stats such as the number of active accounts or number of transactions remained the same as in previous weeks, while the burn rate actually dropped 5.5% in the last 24 hours.
So, what’s driving the surge? Analyst Javon Marks estimates it’s a strong technical setup on the Shiba Inu chart.
Shiba Inu Price: Technical Analysis
The current chart reveals an intriguing price movement for Shiba Inu. The price is hovering in a marked area labeled as “Bull Confirmation,” with a potential target of $0.000081. This suggests a promising upward trajectory from the current price point.
The SHIB chart shows a clear descending wedge pattern, which is traditionally considered a bullish reversal signal. This pattern broke to the upside, indicating renewed market momentum. Earlier chart movements demonstrated similar smaller wedge patterns that preceded significant breakouts, creating a consistent bullish narrative.
Each breakout corresponds to the end of a consolidation phase, followed by strong upward movement. The sharp vertical movements emphasize significant buying pressure after these breakout moments. Downward sloping trend lines have been broken convincingly, with each breakout establishing new support zones.
The analyst’s tweet reinforces this bullish outlook, citing “MAJOR STRENGTH” and confirming a bull pattern. The potential 2.79x (179%+) upside suggests an aggressive but not impossible price rally. This aligns with the broader narrative of Shiba Inu’s community-driven market dynamics, where social sentiment can significantly influence price movements.
While the volume data isn’t directly visible, the large bullish candles post-breakout suggest substantial buying interest. The $0.000081 price target appears achievable if the current momentum continues.
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