Shiba Inu Just Killed a Zero! All Eyes On This Level Now

Memecoin darling Shiba Inu (SHIB) has seen a remarkable price resurgence over the past week. After consolidating between $0.0000055 and $0.000008 for months in an ascending triangle, SHIB finally broke out upwards surpassing the key psychological barrier of $0.00001.

As of writing, SHIB is trading at $0.00001015, up over 16% in the last 24 hours. Trading volume has skyrocketed to over $850 million indicating strong interest behind the rally.

Technical analysis by altFins provides insights into SHIB’s potential next moves:

• The triangle breakout signals a bullish trend reversal after months of decline. SHIB appears positioned to test overhead resistance around the $0.000010 and $0.000012 levels.
• Key momentum indicators like the MACD and RSI line up with the bullish setup, showing growing positive traction.
• Near-term support now likely lies between $0.000008 and $0.0000055 based on the ascending triangle’s lower trendline.

Driving force behind the breakout seems to be excitement around the upcoming mainnet launch of Shibarium. The layer-2 scaling solution could significantly expand SHIB’s utility. The protocol also aims to burn SHIB tokens reducing circulating supply.

While promising, the rally warrants measured optimism.

SHIB remains in a long-term downtrend and faces historical resistance around $0.000012.

Traders should watch key levels outlined above and practice sound risk management. But with Shibarium on the horizon, SHIB may continue its bullish form in the short-term.