Shiba Inu (SHIB) Attracts Renewed Interest from Market Analysts as Technical Indicators Point toward a Potential Upward Breakout

Shiba Inu is attracting renewed interest from market analysts as technical indicators point toward a potential upward breakout. Despite a minor intraday decline of 1.37%

Shiba Inu (SHIB) is attracting renewed interest from market analysts as technical indicators are hinting at a potential upward breakout for the beleaguered token.

Despite a minor intraday decline of 1.37%, keeping the token within a tight price range of $0.00001333 to $0.00001380, the broader outlook remains optimistic.

Review of Historical Price Behavior

Technical analyst Trader Mike, recognized for his insights on TradingView, recently compiled an analysis of SHIB’s past price movements. He broke down the significant rally that unfolded between late September and late October 2021. During this period, SHIB experienced a strong upward surge, recovering sharply from around $0.00000600 to just below $0.000089. This bullish rally was characterized by sustained buying activity and large candlestick formations, suggesting a strong imbalance in favor of buyers.

Following this peak, SHIB went on to experience a lengthy decline beginning in November 2021 and continuing until February 2024. In contrast to the prior bullish period, candlesticks during this downturn showed weaker bodies and more frequent long wicks, which Trader Mike suggests could be viewed as evidence of less natural market behavior, possibly indicating external influence on price action. Despite the downturn, analysis revealed consistent underlying buying interest throughout this lengthy period of decline, indicating that investors remained engaged with the token even during the bearish phases.

A key takeaway is the persistence of a critical resistance level at $0.00003000. Trader Mike highlighted the importance of this zone, emphasizing that a decisive breakout above this threshold is crucial for any sustained bullish trend in SHIB to continue. Throughout 2022, SHIB approached this resistance on several occasions but ultimately failed to break through completely.

Current Positioning and Price Targets

Trader Mike disclosed that he entered a trade on April 9, 2025, after a bullish daily candle closed near the $0.0000167 mark, presenting an opportunity to establish a buy entry. Having secured positions in SHIB at a high of $0.0000167 and setting initial take-profit targets at $0.00004529, adjustments may be made based on market developments.

From his entry point, his primary short-term target is $0.00004529, which would represent a 249% increase from his entry price. This level is also the Fib 1.272 extension. Further upside levels of interest include $0.00004595, the Fib 1.382 extension; $0.00005414, the Fib 1.5 extension; $0.00007526, the Fib 1.618 extension; and finally, a return to the historical high of $0.00008869.

Another market analyst, known as Rose Premium Signals on X, observed a breakout from a falling wedge pattern, a technical setup that is generally considered to favor further upward price moves. This analyst projected near-term targets at $0.00001510, $0.00001850, $0.00002110, and $0.00002460, each significantly above SHIB’s current price point.

Derivatives Market Signals Growing Interest

Adding to the optimism is a notable increase in SHIB-related derivatives activity. According to data from CoinGlass, SHIB’s futures open interest nearly doubled in April 2025. At the beginning of the month, futures activity was relatively low, with less than $97 million in open interest. However, by the 27th of the month, this figure had surged to nearly $190 million.

This rapid increase in open interest is often observed when traders are placing a large amount of capital into leveraged long positions, anticipating further price gains. In the cryptocurrency markets, a significant inflow of capital usually precedes a strong price rally. Therefore, this pattern in SHIB’s derivatives market could be interpreted as a sign that more capital is becoming available for SHIB, setting the stage for a potential upward breakout in the coming weeks.

While the world’s second-largest token has remained within a relatively stable range, technical patterns and derivatives data are indicating growing optimism among analysts about the future trajectory of SHIB. As SHIB approaches established resistance levels, analysts will be closely watching to see whether the token can break through these thresholds and begin a sustained upward trend.