SHIB Breakout Potential: Green Market Momentum and Technical Indicators Suggest Bullish Outlook

Shiba Inu (SHIB) is turning heads with its strong price action. The token has surged by 9.03% in the past 24 hours, reaching $0.00002579. Its market cap now stands at $15.20 billion. This impressive performance has many wondering if a bullish breakout is on the horizon.

The SHIB/USDT trading pair shows a descending triangle pattern, a technical formation often associated with price volatility. This pattern, characterized by narrowing support and resistance levels, suggests a potential breakout.

If SHIB breaks upward from this triangle, a price increase of up to 46.39% could occur, pushing the token to a target level near $0.00003500.

The pattern of consolidation followed by upward movements indicates strong buyer interest. This price behavior suggests that SHIB may be building a foundation for sustained growth.

Market Indicators Highlight Positive Sentiment

Technical indicators support the bullish sentiment around SHIB. The MACD shows a bullish crossover, with the signal and MACD lines diverging positively, indicating upward momentum.

Meanwhile, the RSI stands at 59.25, reflecting a neutral to bullish stance. This suggests that while SHIB is not yet overbought, there is room for upward movement.

Despite a 21.87% drop in 24-hour trading volume to $1.43 billion, SHIB’s volume-to-market cap ratio of 9.42% highlights a strong activity level relative to its market capitalization.

SHIB’s upward trend is further supported by consistent gains throughout the day. Brief corrections have not affected its overall momentum. SHIB’s circulating supply of 589.26 trillion tokens and its fully diluted valuation of $15.21 billion demonstrate growing interest in the asset.