Shiba Inu (SHIB) Breaks Above Key Resistance Level, Signaling Potential Further Price Gains

Shiba Inu (SHIB) is experiencing strong bullish momentum Friday, with the token breaking through a significant resistance level, signaling potential further price gains.

Shiba Inu (CRYPTO: SHIB) is experiencing strong bullish momentum Friday, with the token breaking through a significant resistance level, signaling potential further price gains. According to cryptocurrency trader BitGuru, SHIB has set itself up for a continued upward trend, with a target price of $0.00002280 or higher in the near future.

Shiba Inu Breaks Above Key Resistance Level

According to a recent X post from trader BitGuru, “$SHIB is building strong bullish momentum after breaking resistance at $0.00002238, signaling a clear upward trend. The pullback near $0.00002266 looks temporary, as buyers maintain control.” He also stated, “I’m expecting another surge with the price aiming for $0.00002280 or higher. This setup aligns perfectly with a sustained bullish breakout.”

The chart, shared alongside BitGuru’s post, reveals a series of candlestick patterns with key levels identified. The price had previously struggled to break through the $0.00002238 level, labeled on the chart as “RESISTANCE,” consolidating in that area.

However, the price has now moved decisively above that resistance point, a signal of increased buying pressure. Following this breakout, the market saw a short pullback near the $0.00002266 level, which is marked with a timestamp of “2025-01-02 13:15” on the chart.

According to the OCR data, the price at the time the chart was generated was $0.00002272, with a corresponding date and time of “2025-01-02 03:40.” BitGuru is anticipating an upward surge to $0.00002280 or higher, aligning with a high price of $0.00002288 noted on the chart.

Technical Chart Analysis: Key Levels and Bullish Indicators for SHIB

The chart clearly depicts a bullish formation. The break above the resistance at 0.00002238 is a key technical indicator. The “consolidation” period preceding the breakout suggests a period of accumulation before the price began to move upwards.

The slight pullback at $0.00002266 could represent a temporary pause before further upward movement, or a retesting of the prior level of resistance, which, may act as new support. The positive price action and BitGuru’s bullish sentiment suggest an opportunity for traders. However, as with all crypto trading, investors should proceed with caution. The market can be volatile, and price movements are not guaranteed.

Shiba Inu Price Action: Current Trends and Market Performance

As of 7:09 a.m. ET on Friday, Shiba Inu is exhibiting a mixed performance picture, trading at $0.00002285 with a 24-hour trading volume of $466.8 million. While this represents a modest 0.52% price increase over the past 24 hours, and a 2.80% gain over the last 7 days, these short-term gains are set against the backdrop of a significant 24.99% price decline over the past month.

The volume of $466.8 million, while seemingly robust, should be evaluated in context with the coin’s past activity, as higher volume can either signal a more pronounced trend or increased volatility and risk. Data from CoinMarketCap indicates a current circulating supply of 589.5 trillion SHIB and a market capitalization of $13.46 billion.

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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.