Shiba Inu (SHIB) Price May Be Ripe for a Strong Bullish Breakout

The SHIB token was trading at $0.000025 on Wednesday, up by 127% from its lowest point in August.

Shiba Inu (SHIB) price has been in the spotlight in the past few days as it has staged a remarkable recovery from its lowest level in August. At the time of writing, the SHIB token was trading at $0.000025, up by 127% from its lowest point.

On the daily chart below, we see that the SHIB price has formed a bullish pennant pattern, a popular bullish sign. This pattern is usually made up of a long vertical line and a symmetrical triangle, which is converging as we speak. Typically, when this happens, we see a bullish breakout.

Shiba Inu has more positive technicals. The most notable one is that it formed a golden cross pattern earlier this month as the 50-day and 200-day moving averages crossed each other. In most cases, this pattern usually results into a strong bullish breakout.

SHIB price has also moved above the crucial resistance level at $0.00002162, its highest level on September 27. It also formed an inverse head and shoulders pattern.

Therefore, all these patterns are signs that the SHIB price will soon stage a strong bullish breakout in the coming days. Besides, the crypto fear and greed index has moved to the extreme greed zone of 85 and investors are embracing FOMO.

The initial target for this breakout will be at $0.00003045, its highest level on November 12, which is about 25% above the current level.

The most extreme potential SHIB prediction is where the coin jumps to $0.000045, which is about 86% above the current level. A drop below the important support level at $0.00002162 will invalidate the short-term bullish outlook.

SHIB has multiple positive fundamentals

Shiba Inu has numerous positive catalysts that could push its price higher in the long term. First, there are signs that whales are accumulating the coin. Data shows that whales have bought SHIB tokens worth millions of dollars in the past 24 hours. One of these whales moved tokens worth over $26 million from Coinbase to wallets.

As a result, data shows that over 1.6 trillion coins have been moved from exchanges in the last 24 hours. According to Ali Charts, the last time that happened, SHIB price roared by over 60%.

1.67 trillion $SHIB have been withdrawn from exchanges in the past 24 hours. The last time we saw a similar spike, #ShibaInu surged 62% in price. pic.twitter.com/zcgmusDCuP

Meanwhile, the amount of Shiba Inu coins being burned has continued rising in the past few days. Data by Shiburn shows that 3.8 million coins were burned in the last 24 hours. A day earlier, over 20 million coins were burned. As a result, over 410 trillion coins have been burned, leaving a circulating supply of over 583 trillion tokens.

Finally, Shiba Inu price will likely continue doing well as the Federal Reserve continue cutting interest rates and as the Trump administration eases regulations. There are also chances that we could see a SHIB ETF in 2025.