Shiba Inu rallies to $0.00001493 as short liquidations soar. Can SHIB sustain its bullish momentum toward $0.00002137, signaling a potential 60% upside?
As the crypto market experiences nearly $1 billion in liquidations, this bearish shakeout fuels an ongoing bullish rally. Amid the recovery trend, Shiba Inu has surged to $0.00001493, positioning itself for a potential breakout.
The meme coin has climbed 3% today, following a 12.5% gain on May 8. With the bullish trend continuing, is a breakout rally toward the $0.00002137 mark within reach?
Shiba Inu Price Analysis
After consolidating below the $0.000015 level following the early 2025 downturn, Shiba Inu is now forming a rounding reversal pattern. With two consecutive bullish candles, the meme coin has broken above the 50-day and 100-day EMA lines and the 23.60% Fibonacci level at $0.00001390.
The ongoing recovery is now testing the critical supply zone near the psychological $0.000015 level. A successful breakout would invalidate the previous downtrend and kickstart a new bullish phase in SHIB’s price action.
Based on Fibonacci retracement levels and dynamic averages, the immediate resistance for this breakout rally lies at the 38.20% level, near $0.000016. As optimism across the crypto market grows, technical indicators reinforce the upward momentum.
Although short-term volatility recently caused a false signal on the MACD, the latest bullish crossover now indicates a renewed uptrend. In addition, upward movement in both the 50-day and 100-day EMAs suggests a trend reversal is underway.
According to Fibonacci projections, the breakout rally could face major resistance at the 61.80% level, around $0.00002137. This implies an upside potential of over 60% for SHIB from the current level.
On the downside, if Shiba Inu fails to break through the supply zone, key support levels remain at the 50-day EMA of $0.00001326 and the psychological level of $0.000010.
Bulls Shake Out $1.79M in Short SHIB Positions
Amid the strong bullish momentum in Shiba Inu, data from Coinglass shows that short liquidations over the past 24 hours have surged to $1.79 million. Amid the bearish shakeout, the open interest surges by 25.43% to reach $209.75 million, signaling growing traders interest in SHIB.
Further supporting the bullish narrative, the OI-weighted funding rate has climbed to 0.010%, indicating increased long positioning and bullish market sentiment.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
