Shiba Inu (SHIB) price prediction: Will the meme coin break out of the bear trend and reverse the downtrend?

The price of Shiba Inu (SHIB) is currently at $0.000015, highlighting a crucial phase for the meme coin that could mark a trend reversal.

The price of Shiba Inu (SHIB) is currently trading at $0.000015, highlighting a crucial phase for the meme coin that could herald a trend reversal.

After a prolonged period of struggling to break free from a descending trendline, SHIB is making a valiant attempt to breakout of the bear trend, raising hopes of a bullish move among investors.

Current price and market statistics of Shiba Inu (SHIB)

Currently, the market cap of Shiba Inu is $8.67 billion, with a dominance of 0.32% and a trading volume in the last 24 hours of $274.26 million. The token is in the sixteenth position among the most popular cryptocurrencies and has a circulating supply of 589.25 trillion SHIB.

The all-time high of Shiba Inu was $0.090, reached in 2021. Compared to that peak, the current value shows a clear correction, but the recent attempt to surpass a significant resistance could open new bull scenarios.

The breakout from the resistance: what to expect?

The most recent price action shows that SHIB is attempting to break the key resistance at $0.0000165. If it manages to consolidate above this level with good volume support, the meme coin could pave the way towards more ambitious targets. The next targets to monitor are:

If the breakout is confirmed, Shiba Inu could attract greater interest from investors and register a significant increase in the short term.

The current attempt to break from the bearish trendline could be the signal of a possible trend reversal. However, for the price of Shiba Inu to actually gain momentum, it will be essential to observe the trading volume: an increase in demand could push SHIB beyond critical levels and confirm the resumption of the bull trend.

Next week will be crucial to understand if Shiba Inu will manage to consolidate its movement above the current resistance or if it will undergo a new phase of consolidation before another breakout attempt.

Conclusion

The price of Shiba Inu is in a delicate phase, with the possibility of a bullish reversal if it surpasses the key resistance. With a stable market cap and a strong support community, SHIB could experience growth in the coming weeks, but the trading volume and confirmation of the technical breakout will be determining factors.

Will SHIB manage to confirm the breakout and aim for new highs? We remain on the lookout for further developments in the market!