Shiba Inu (SHIB) Price Shows Signs of a Trend Reversal, Sparking Interest Across Crypto Markets

After several months of sideways movement, the token broke key resistance levels, leading to increased speculation.

Shiba Inu (SHIB) price has shown signs of a trend reversal, sparking interest across crypto markets as the token broke out of a consolidation phase and began testing key resistance levels.

After several months of sideways movement, SHIB finally broke through a multi-week resistance zone at $0.00001411. The breakout was supported by a series of strong bullish candles, with increasing volume and price size throughout the breakout attempt.

The token briefly touched the $0.00001709 zone before settling back down to $0.00001576, which traders are now watching as a potential support level.

This rally saw a shift in sentiment as buyers managed to hold above the previous resistance, which is now being monitored as a new support zone. The next target remains at $0.00001929.

“The move above $0.00001411 confirms SHIB is out of its prolonged accumulation phase,” stated analysts from CryptoGuru.

Shiba Inu Price Technical Analysis: Staircase Pattern and Fibonacci Levels

If the price pulls back from the current levels, traders will be watching supports at $0.00001411, $0.00001267, and $0.00001154. These levels are part of a staircase pattern that could indicate a continued upward movement if they hold during market pullbacks.

On-chain metrics from IntoTheBlock reveal that over 516 trillion SHIB were bought at prices between $0.000016 and $0.000019. This range is now a crucial resistance area, with over 116,000 wallet addresses having purchased SHIB within this band.

As SHIB approaches this zone, selling could occur from long-term holders who wish to exit their positions at break-even levels. Many of these tokens were acquired during the 2021 and early 2022 price peaks, suggesting that holders may be seeking to recover losses.

However, if SHIB can push through this range, the next cluster of interest lies between $0.000019 and $0.000024. Around 178 trillion SHIB are held at an average cost of $0.000022 by over 136,000 addresses. This cluster could act as another resistance area, but a break beyond it may fuel further price recovery.

The current monthly candle shows more than 33% growth in May, pushing SHIB above the 38.2% Fibonacci retracement level of $0.00001575. This level is seen as a critical point in measuring potential price recovery from the bear market lows.

If the price sustains momentum, analysts are watching the 50% and 61.8% Fibonacci levels at $0.00002559 and $0.00003544. These levels are closely associated with long-term trend reversals. The 100% Fibonacci level near $0.00006731 and the 127.2% extension at $0.00009001 represent possible future targets.

Bollinger Bands, a volatility indicator, are also beginning to expand after a prolonged squeeze. The upper band is approaching $0.00002889, which aligns with the key Fibonacci resistance levels. This tightening and expansion pattern is typically associated with upcoming large price movements.

Shiba Inu Price Technical Summary

Shiba Inu broke out of a consolidation phase and tested key resistance levels, supported by strong bullish candles and increasing volume.

The token briefly touched the $0.0009 zone before settling back down to $0.0008, which traders are now watching as a support level.

This rally saw a shift in sentiment as buyers managed to hold above the previous resistance, which is now being monitored as a new support zone. The next target remains at $0.00095.

“The move above $0.0009 confirms SHIB is out of its prolonged accumulation phase,” stated analysts from CryptoGuru.

If the price pulls back from the current levels, traders will be watching supports at $0.0009, $0.0008, and $0.0007. These levels are part of a staircase pattern that could indicate a continued upward movement if they hold during market pullbacks.

On-chain metrics from IntoTheBlock show that over 516 trillion SHIB were bought at prices between $0.0008 and $0.0009. This range is now a