Shiba Inu ($SHIB) is showing bullish signs in the cryptocurrency market as analysts and data suggest a potential explosive rally. After a slight 3.6% daily gain and increasing whale activity, all eyes are now on a critical breakout level: $0.0000175. If breached, it could mark the start of a sustained bullish run.
Why is Shiba Inu Going Up?
Bitcoin’s recent climb to a new all-time high of $118,872 on July 11 triggered a domino effect across altcoins, with SHIB enjoying a liquidity-driven push. Over $1 billion in BTC short liquidations added fuel to the fire, prompting traders to shift toward high-beta assets like SHIB.
As of Friday, SHIB price is trading at $0.00001337, up over 3% on the day, according to CoinMarketCap. Its 24-hour trading volume surged over 70% to $477 million.
One of the strongest bullish signals also came from the on-chain data. Whale wallets accumulated 700 billion SHIB in just 48 hours, and large transaction volumes jumped to 5.43 trillion SHIB, a fivefold increase from earlier this week. This surge in large-volume activity reflects high-conviction bets from deep-pocketed investors.
SHIB Price Analysis: Bullish Patterns Align
SHIB is currently forming a textbook double-bottom breakout pattern on the daily chart. As highlighted by analysts at InvestingHaven, the support at $0.00000808 has held firm, and the structure remains bullish as long as this level is not broken.
Other analysts like BitGeorge point to $0.0000175 as the key resistance. A clear breakout beyond this point could signal the end of several months of lower highs and quickly push SHIB towards $0.000022–$0.000027, aligning with historical resistance areas.
Additionally, a golden cross has appeared, where the 50-day moving average crosses above the 200-day moving average. This pattern has drawn interest from technical traders. The Relative Strength Index (RSI) is around 64, indicating that SHIB still has room to grow before becoming overbought.
Popular analyst Javon Marks also supports the bullish outlook, citing a substantial MACD bullish divergence, which historically signals trend reversals. He estimates a 180% upside from current levels, placing SHIB’s near-term target around $0.000032.
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