- Shiba Inu breaks resistance, signals potential for extended bullish rally.
- Investor highlights strong SHIB candle, forecasts significant upward movement.
- Recent SHIB surge supported by technical breakout and massive token burn.
Shiba Inu experienced a notable price movement early Monday, surging over 6.5 percent and crossing the $0.00001400 level. This marked the first time the memecoin reached this price in over six weeks.
According to a post on X by a well-known crypto investor, a strong bullish candle on the SHIB-USD daily chart was identified. The investor called it a ‘Great Candle by SHIB,’ and thus, it might mark the beginning of a new positive movement.
The price breakout had the bullish flag chart formation that the investor pointed out. This trend had established a possible target of $0.0000233 or a potential growth of 17.72 percentage points relative to the previous level.
Also Read: Shiba Inu Explodes to 6-Week High as Holding Time Surges 783%
Shiba Inu closed above the small price resistance zone after several days of retesting the area. The given price movement transformed the former resistance into the support level, boosting bullish sentiment.
In addition, in the daily chart, SHIB is building strength at its current location. However, its weekly chart shows that the token is still in very tight congestion, and it has to break out clearly to ensure a long-term uptrend.
Market Pattern Suggests Potential for Further Gains
Shiba Inu’s recent pump aligns with broader movements across the cryptocurrency market. Top assets have similarly shown signs of bullish momentum, contributing to SHIB’s current positive outlook.
Investors will now be observing how SHIB behaves in the newly established support zone at $0.00001350. The level may be sustainable and act as a crucial step towards future profits as long as such bullish candles are viewed on the daily chart.
Moreover, the latest flare followed a record-breaking burn that eliminated more than 1 billion SHIB in a single transaction. These extended burns usually lessen supply, which may contribute to upward price pressure.
Although the bullish indicators are just in line, Shiba Inu has to get out of the crowded area on the weekly time frame. A breakout there would probably reinforce investor enthusiasm and even spark another wave of intense purchases.
Shiba Inu’s latest price action has drawn attention within the crypto community, particularly after surpassing a major resistance level. The ongoing alignment of technical patterns with broader market trends may support continued upward momentum in the coming days.
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