Starting the year strong, Shiba Inu (SHIB) has climbed 2%, drawing investor and analyst interest amid speculative breakout expectations.
Current Market Metrics of Shiba Inu
SHIB traded at $0.00002136 with a market cap of $12.58 billion and a 24-hour trading volume of $545.51 million. Increased trading activity reflects renewed meme coin interest. The token's ability to remain above significant support levels demonstrates strong community backing.
Analysts Predict a Breakout
Notable analysis comes from renowned cryptocurrency analyst Javon Marks. He identifies a breakout pattern for SHIB, predicting it could exceed $0.0001553, representing over 261% upside. Marks views the token's price consolidation as a potential springboard for the next bull run, stating that if resistance at $0.000081 is surpassed, SHIB could reach $0.0001553.
Technical Analysis and Outlook
Technical analysis shows SHIB on the verge of a breakout from a bearish channel, with a concurrent hidden bullish divergence. The Money Flow Index (MFI) suggests an uptick in SHIB buying, reflecting improved market sentiment. Continued momentum may soon test key resistance levels for a possible breakout.
Analysts suggest SHIB's continued rise could attract new investors and reach significant price milestones, with community support remaining crucial for the token's stability.
