Shiba Inu (SHIB) rebooted its bullish run as its price erased one zero to trade at a multi-week high of $0.00001002.
Shiba Inu has been on an uptrend for the better part of the week as the price moved from a low of $0.0000092 to the current level, printing a growth of 5.6% in the 7-day period.
As SHIB remains one of the most watched assets in the market, breaching the $0.00001 barrier has triggered a new fundamental that might spell a good omen for the token.
Shiba Inu’s market cap and trading volume are up 1.17% and 7.11% to $5,838,833,884 and $218,168,967, respectively.
SHIB Breakout Confirmed: New Target Locked
Since the second week of December, the price of Shiba Inu has been hovering in a “descending parallel channel.” This setup has pushed SHIB to reverberate between lower highs and lower lows on the daily chart.
$SHIB killed Zero!
LFG!💪🔥 pic.twitter.com/28KWbSfNaR— KURO🐾SHIBARMY JPN🇯🇵 (@kuro_9696_9696) February 15, 2024
The current uptick signaled by the break of the price above the token’s 200-day EMA (currently at $0.00000903) has the potential to set a new narrative that closely mirrors the token’s historical trends.
SHIB has also surged past the 50-day EMA at $0.00000940, indicating bullish momentum in the short term. The last time SHIB broke out of a similar downtrend was in October of last year, and it led to an 80% jump.
If the projection applies to the current trend, Shiba Inu could make a move for Fib 0.75 at $0.00001525, which would likely culminate into a 73% upsurge. While this growth percentage appears enormous, Shiba Inu is historically known to break the norm, and it may surmount this current estimation.
The Revived SHIB Army
After lagging behind its peers over the past weeks, the current SHIB breakout has energized the members of the Shib Army, who believe there are more intriguing days ahead for the token, per the complementary bullish forecast on the token from top analysts.
Despite the latest uptick in price, Shiba Inu is still down by more than 88% from its All-Time High (ATH) of $0.00008845. Should the current 73% projection hold, Shiba Inu might be one step closer to reclaiming this position.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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