Shiba Inu (SHIB) Jumps 8% Amid Bitcoin Rally, Eyes 110% Price Surge

Shiba Inu (SHIB), the second-largest memecoin, has jumped 8% as Bitcoin’s price surged to $70,000, driving renewed momentum. SHIB currently trades at $0.00001828 and is targeting a key resistance level that could potentially ignite a 110% rally in the near term.

Potential for a 110% Rally: Key Levels and Technical Indicators

After a weekly low of $0.00001632 on November 3, SHIB rebounded by 12%, climbing past the $0.000018 resistance on Thursday. Analysts, including Globe of Crypto, suggest SHIB is testing the Descending Broadening Wedge pattern. A breakout above the $0.000019 resistance could trigger a bullish wave, potentially driving SHIB to $0.000040.

Crypto analyst Javon Marks also sees potential for a major surge, predicting a 351% rally to approach SHIB’s all-time high. According to Marks, SHIB has broken out of a multi-month falling wedge pattern, with a recent correction setting the stage for further gains if it holds above current breakout levels. Marks targets $0.000081 as the next big milestone, with RSI indicators supporting bullish momentum.

Support and Resistance Zones to Watch

Analyst Investing Haven pointed to SHIB’s critical support zone between $0.0000133 and $0.00001444, warning that a loss of this zone could indicate a trend reversal. However, reclaiming the $0.000020 mark would affirm SHIB’s upward trajectory, reinforcing long-term bullish sentiment.

With a 67% increase in daily trading volume, now at nearly $730 million, Shiba Inu’s trading activity signals increased market interest as it attempts to reclaim and sustain key resistance levels.