- Shiba Inu (SHIB) is testing a key resistance level after a 24% drop in the past month.
- Bitcoin’s rebound from $76K is helping altcoins recover, but SHIB still faces selling pressure.
- A breakout above the MA 50 could confirm a bullish reversal, with targets at $0.00001305 and beyond.
Shiba Inu (SHIB) is on the verge of a breakout and aiming for higher price targets. Recently, SHIB was hit hard by huge market volatility and experienced a significant decline. Over the last 30 days SHIB has been down by 24% while in the last week, SHIB is down by 11% mirroring the overall market turbulence phase.
As of now, the crypto market taking a breath and showing signs of recovery with Bitcoin recent bounce from $76k that propelled altcoins to recover and gain its lost grounds. One of bullish catalyst for the crypto market is that inflation is cooling down in the US that could help the crypto market to recover. February CPI inflation drops, coming in lower than the expected. This is the first time since July 2024.
Despite these positive factors SHIB is still facing selling pressure along with the market and down 3.34% in the last 24 hours. Currently, SHIB is trading at $0.00001192 with a 24-hour trading volume of $ 180.78M, market cap of $ 7.07B. In addition to this slight setback SHIB trading volume is also facing decline and down by 26%.
Shiba Inu Breakout Could Push It Towards $0.00001565
From the technical point of view SHIB is showing strong bullish signals. According to Rose Premium Signal analysis, Shiba Inu is challenging the upper resistance of a falling wedge pattern on the 4H chart. If market sustain and Bitcoin starts climbing again SHIB could benefit from a bullish market phase and surpass the resistance.
However, SHIB needs to break above the MA 50 acting as resistance for confirmation of bullish reversal. If the breakout is confirmed SHIB could rally significantly and reach higher price targets. Currently SHIB’s bullish pattern is in play, and SHIB is hovering around the resistance.
Looking at the price targets after the breakout, SHIB’s first target is at $0.00001305 and second one is $0.00001375. If the bullish momentum continues it will reach $0.00001485 and $0.00001565 soon.
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