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Assessing if SHIB can reach $0.000017 – THIS pattern suggests…

2min Read

Shiba Inu’s bullish breakout, rising RSI, and improving sentiment suggest strong upside potential. 

Shiba Inu (SHIB) price eyes on 15% rally, Bullish pattern spotted
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  • If the Shiba Inu’s price stays above $0.0000136, it could rise by 15% to reach the next resistance level at $0.000017.
  • Traders were over-leveraged at $0.00001413 on the lower side and $0.00001513 on the upper side.

Amid the ongoing market recovery, Shiba Inu [SHIB], the popular dog-themed memecoin, has stolen the spotlight from major assets with its impressive performance.

At the time of writing, the memecoin has surged over 10%, paving the way for further upside momentum.

Shiba Inu price action and upcoming levels

If you’re wondering why Shiba Inu’s price is rising, it began after breaking through a crucial resistance level and forming a bullish inverted head and shoulders pattern. As of now, SHIB remains bullish.

AMBCrypto’s analysis suggests that if SHIB stays above $0.0000136, it could potentially rise by 15% in the coming days.

This 15% increase matches the length of the head from the neckline and could push SHIB to the next resistance level at $0.000017.

Shiba Inu (SHIB) price action

Source: Tradingview

At press time, SHIB was trading near $0.0000149, recording a surge of over 10% in the last 24 hours. Its trading volume also rose by 45% during this period, highlighting increased trader and investor participation following the bullish breakout.

SHIB’s Relative Strength Index (RSI) was at 62, reflecting a strong bullish trend with room for growth. The memecoin remained below the overbought territory, suggesting further potential upside in the coming days.

Rising positive sentiment 

Shiba Inu’s bullish price movement is further reinforced by on-chain metrics.

According to data from Santiment, Shiba Inu’s overall weighted sentiment has shown a substantial recovery in recent days, rising from -0.601 to 0.00061.

This improvement reflects increasing optimism among traders and investors on social media, playing a key role in driving the price surge.

Rising positive sentiment

Source: Santiment

However, if the weighted sentiment continues to improve, Shiba Inu’s price could continue to experience an upward move.

Key liquidation levels 

The bullish outlook is reinforced by intraday traders, who are heavily betting on the long side, according to Coinglass.

Data shows traders are over-leveraged at $0.00001413 on the lower side and $0.00001513 on the upper side. They have built $1.63 million in long positions and $430K in short positions at these respective levels.

This suggests that bulls currently have the upper hand in dominating the memecoin’s market activity.

SHIB Exchange Liquidation Map

Source: Coinglass

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Vivaan Acharya is a Crypto-Economist and Journalist at AMBCrypto who brings a rare depth of financial and economic expertise to the world of digital assets. He holds a Master’s in Economics from the prestigious University of Delhi and has over five years of experience analyzing technology and financial markets. His foray into the blockchain space began in 2018, marked by his prescient Master's thesis, "Payments and Stablecoin Integration in Banking," which showcased his early understanding of crypto's potential to disrupt traditional finance. Before specializing in crypto, Vivaan honed his skills in rigorous data and technical chart analysis at a major national financial daily, where he covered corporate earnings and market trends. At AMBCrypto, Vivaan applies this powerful blend of classical economic training and seasoned financial journalism to his work. He is an expert in: 1. Bitcoin and Altcoin Market Analysis 2. Stablecoin Ecosystem Development, and 3 Emerging Crypto Regulations. Known for his clear, no-nonsense approach, Vivaan translates robust research into straightforward, actionable insights. He is dedicated to demystifying the complexities of blockchain finance, empowering readers to confidently navigate the rapidly evolving digital economy.
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