Shiba Inu Price Targeting $0.000081 After Bullish Trend Reversal?

Key Insights

• Shiba Inu price surged 33% in May, breaking above $0.00001575 and confirming a bullish reversal above the 38.2% Fibonacci level.
• Over 516 Trillion SHIB were bought between $0.000016–$0.000019, creating a major resistance zone held by 116K addresses.
• Open interest in SHIB derivatives rose 19% to $249M, while daily trading volume fell 25% to $311M, signaling fresh positioning.

Shiba Inu (SHIB) price has shown 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.

Traders are watching closely as SHIB maintains momentum above critical support zones. With bullish technical signals forming, some analysts believe the price may be targeting the $0.000081 mark, a zone near its all-time high.

Breakout from Consolidation Strengthens Bullish Momentum

Shiba Inu recently moved above a multi-week resistance level at $0.00001411. This breakout was supported by a sequence of strong bullish candles, with increasing volume and price size. The token briefly tested the $0.00001709 zone before settling near $0.00001576, which traders now see as a potential support level.

The price action suggests a shift in sentiment, as buyers continue to hold above the previous resistance. This area is now being monitored as a new support zone, while the next target remains near $0.00001929. Analysts from CryptoGuru noted, “The move above $0.00001411 confirms SHIB is out of its prolonged accumulation phase.”

Beneath the current levels, traders are watching supports at $0.00001411, $0.00001267, and $0.00001154. These levels are considered part of a staircase pattern, which could indicate a continued upward movement if they hold during market pullbacks.

On-Chain Data Reveals Potential Selling Pressure at Key Zones

On-chain metrics from IntoTheBlock show 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 holding SHIB purchased at those prices.

As SHIB approaches this zone, selling could occur from long-term holders who want 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 looking 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.

Shiba Inu Coin Price Technical Indicators Signal a Potential Extended Rally

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.

Derivatives Market and Trader Sentiment Show New Interest

According to Coinglass, the open interest in the derivatives of SHIB increased more than 19% to $249. These developments indicate that despite that a part of traders is liquidating their positions, a large part of it is opening new ones on the backdrop of expectation of price wild swings.

The current long/short ratio stands at 0.9146 and that means there is a small preference of bearing short positions. Traders on OKX are bullish at a 2.13 ratio while top traders on Binance also prefer bullishness in both accounts and positions indicating increased optimism of the major stakeholders.

Liquidation data reveals mixed activity. Over the past 24 hours, $489.91K in SHIB positions were liquidated  $284.61K from longs and $205.29K from shorts. If support zones near $0.00001576 hold and buyers overcome resistance at $0.000019, SHIB may move toward $0.000022 or $0.000035, with the $0.000081 level still in view as a long-term target.

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