Shiba Inu explodes upward, breaking out of a descending channel | Credit: Hameem Sarwar
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Key Takeaways
SHIB broke out of a descending channel, signaling a potential trend reversal.
Profitable heavy holders outweigh those in loss, creating a strong buy wall.
If momentum holds, SHIB could rise toward $0.000025 or even $0.000033.
Shiba Inu (SHIB) price has finally shaken off its slumber with a 15% rally in the past seven days. At press time, SHIB trades at $0.000014.
Following the move, indicators have shown that the memecoin could be inching toward a bigger breakout.
But can this potential breakout drive SHIB’s price higher? Let’s find out.
SHIB Is Climbing Out of the Cloud
As of this writing, the In/Out of Money Indicator Around Price (IOMAP) shows that SHIB’s price holds strong support between $0.000012 and $0.000013. At this price level.
Around the $0.000010 price range, approximately 29,970 addresses scooped up 30.38 trillion Shiba Inu tokens — and they’re now sitting on unrealized profits.
Meanwhile, the next significant resistance level lies near $0.000015, where 8,920 addresses hold 22.82 trillion tokens at a loss.
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Because the volume of profitable holdings outweighs the losses, a stronger buy wall supports the price. If those at a loss decide to exit at break-even, they may struggle to halt a rally.
As long as this position holds, SHIB’s price could climb above $0.000020 before July ends.
SHIB In/Out of Money Around Price | Credit: IntoTheBlock
Bulls Have the Upper Hand
On the technical side of things, CCN looked at the Bull Bear Power (BBP). The BBP compares the strength of bulls to bears.
The bears are in control when the reading is below the zero signal line. In this case, SHIB’s price is likely to decline.
Therefore, the current BBP reading indicates that SHIB bulls are putting pressure on the memecoin. If sustained, the cryptocurrency’s value might break above the overhead supply zone and trade higher.
Zooming into the daily chart, CCN observed that SHIB’s price rally occurred due to a breakout above a descending channel. Between May 11 and July 8, SHIB’s price declined from $0.000017 to $0.000011.
One day after the local bottom, bulls pushed it above the upper trendline, as the token tries to beat the $0.000015 resistance. As of this writing, SHIB’s price is about to rise above the Ichimoku Cloud.
If achieved, this would help it breach the resistance at $0.000019 and $0.000021. In such a situation, the meme coin’s market value might rise to $0.000025.
SHIB might rise beyond its yearly high and test $0.000033 in a highly bullish market condition. However, traders should be on the lookout.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
