- Shiba Inu (SHIB) has posted three straight green weekly closes, showing bullish momentum as it trades above key support, setting up for a potential breakout toward $0.000139 or even $0.000220.
- Technical indicators, including a double-bottom pattern and rising RSI, support the bullish case, but caution is urged due to SHIB’s history of reversals after similar patterns.
- Fundamentals remain strong, with SHIB’s supply shrinking through burns, Shibarium network growth, and an expanding SHIB Army community of over 1.5 million addresses.
While everyone’s been busy watching Dogecoin do its thing, Shiba Inu (SHIB) has been making some quiet moves of its own. And honestly? It’s starting to look kinda bullish.
Over the past three weeks, SHIB has closed three straight green weekly candles, quietly setting up for what could be a major breakout — maybe even bigger than its 400% surge earlier in 2024.
Sitting Above Key Support — History Repeating?
Right now, SHIB’s trading above its August 2024 low, the same zone that kicked off its last monster rally. That setup has a few people wondering if lightning’s about to strike twice.
One pseudonymous analyst pointed out some bullish chart formations, hinting that if the current momentum keeps up, SHIB could be aiming for some crazy gains. They’re eyeing targets like $0.000139 — about an 894% move from here — or if things really get wild, even $0.000220, which would be a whopping 1,479% increase. The analyst mentioned, “The market is turning green now and will continue to trade green. It can happen that it go higher rather than lower based on the chart,” also admitting they might be underestimating SHIB’s upside potential.
Technical Signals Point to More Upside
The technicals seem to be backing the bullish story too. SHIB has formed a double-bottom pattern, with a neckline sitting around $0.000033, suggesting a possible 145% jump if it breaks through.
Meanwhile, the weekly RSI has climbed from 35.8 to 43, pointing toward growing buying pressure. On top of that, SHIB recently bounced off an ascending trendline, connecting lows from June and October 2023 and March 2024. This trendline has been reliable support before.
Still, it’s worth remembering that back in November-December 2024, SHIB also posted three green weeks… and then followed it up with a multi-week downtrend. So, it’s smart to stay optimistic but cautious at the same time.
Fundamentals: Burn Rates, Shibarium, and the SHIB Army
Outside of just price charts, SHIB’s fundamentals have been steadily improving. Its circulating supply keeps dropping thanks to aggressive burning mechanisms. From a ridiculous 999 trillion tokens at launch, it’s now down to around 589 trillion. In fact, the daily burn rate recently spiked by a jaw-dropping 1,562%, burning off about 11.8 million tokens in one day.
The Shibarium network, SHIB’s own layer-2 solution, is making noise too — crossing over 1 billion transactions recently and pulling in more active addresses, which adds real utility to the project.
And let’s not forget the SHIB Army. This community is one of the most die-hard groups in crypto, and it just keeps growing. On-chain data shows there are now over 1.5 million SHIB wallet addresses. That kind of loyalty matters when it comes time for price action to ignite.
Macro factors could also lend a hand. Reports suggest that easing trade tensions might boost demand for riskier assets like crypto, and memecoins like SHIB usually ride those waves fast and hard. Plus, a lot of SHIB holders are still underwater on their investments right now — which weirdly sets up the perfect conditions for a short squeeze if SHIB starts moving upward.
Key Levels to Watch
SHIB’s most important support sits at $0.00001080, while a major resistance barrier lies up at $0.000033. If the memecoin fails to defend its current support, the next fallback area could be down near $0.000005677, which would be a brutal 60% drop from here.
But if SHIB can stay strong and break through resistance, this could just be the beginning of another wild run.
Final Thoughts: Calm Before the Roar?
Three green weekly closes. Strong fundamentals building underneath the surface. A massive, passionate community ready to pile in at the first sign of liftoff. And a technical setup that looks hauntingly similar to past big breakouts.
Could SHIB be about to roar back to life? We’re about to find out — but right now, it sure feels like something big is stirring.
