Shiba Inu rallies to $0.00001493 as short liquidations soar. Can SHIB sustain its bullish momentum toward $0.00002137, signaling a potential 60% upside?
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As the crypto market experiences nearly $1 billion in liquidations, this bearish shakeout fuels an ongoing bullish rally. Amid the recovery trend, Shiba Inu has surged to $0.00001493, positioning itself for a potential breakout.
The meme coin has climbed 3% today, following a 12.5% gain on May 8. With the bullish trend continuing, is a breakout rally toward the $0.00002137 mark within reach?
Shiba Inu Price Analysis
After consolidating below the $0.000015 level following the early 2025 downturn, Shiba Inu is now forming a rounding reversal pattern. With two consecutive bullish candles, the meme coin has broken above the 50-day and 100-day EMA lines and the 23.60% Fibonacci level at $0.00001390.
The ongoing recovery is now testing the critical supply zone near the psychological $0.000015 level. A successful breakout would invalidate the previous downtrend and kickstart a new bullish phase in SHIB’s price action.
Based on Fibonacci retracement levels and dynamic averages, the immediate resistance for this breakout rally lies at the 38.20% level, near $0.000016. As optimism across the crypto market grows, technical indicators reinforce the upward momentum.
Although short-term volatility recently caused a false signal on the MACD, the latest bullish crossover now indicates a renewed uptrend. In addition, upward movement in both the 50-day and 100-day EMAs suggests a trend reversal is underway.
According to Fibonacci projections, the breakout rally could face major resistance at the 61.80% level, around $0.00002137. This implies an upside potential of over 60% for SHIB from the current level.
On the downside, if Shiba Inu fails to break through the supply zone, key support levels remain at the 50-day EMA of $0.00001326 and the psychological level of $0.000010.
Bulls Shake Out $1.79M in Short SHIB Positions
Amid the strong bullish momentum in Shiba Inu, data from Coinglass shows that short liquidations over the past 24 hours have surged to $1.79 million. Amid the bearish shakeout, the open interest surges by 25.43% to reach $209.75 million, signaling growing traders interest in SHIB.
Further supporting the bullish narrative, the OI-weighted funding rate has climbed to 0.010%, indicating increased long positioning and bullish market sentiment.
DisClamier:
This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect @Lachakari_Crypto opinion. Readers are encouraged to do thorough research before making any investment decisions. @Lachakari_Crypto is not responsible for any financial losses.
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