Shiba Inu could rally 50% with key resistance break

Shiba Inu (CRYPTO:SHIB) has shown resilience despite a recent market correction that impacted major cryptocurrencies like Bitcoin (CRYPTO:BTC) and Ethereum (CRYPTO:ETH).

Currently trading at approximately $0.00002472, SHIB has recorded a 46% gain over the past month, according to CoinGecko.

Analysts suggest SHIB may rally significantly if it breaks key resistance levels.

"The current setup suggests a bullish continuation, so traders should watch for confirmation of the breakout while placing stop-losses below the support zone to manage risk," stated a social media commentator, predicting a potential 50% price increase if SHIB surpasses $0.00002800.

Another analyst, Charting Guy, forecasted a possible surge to $0.00022, representing an 800% increase from current levels, urging traders to prepare for such a move.

Additional bullish insights came from Crypto King and Ali Martinez.

Martinez highlighted the withdrawal of nearly 1.7 trillion SHIB tokens from exchanges in a single day last week, noting, “The last time we saw a similar spike, Shiba Inu surged 62% in price.”

CryptoQuant data reveals SHIB holdings on exchanges have dropped to a three-year low, suggesting a shift toward self-custody.

This trend reduces selling pressure, which analysts view as a positive signal for potential growth.

Shiba Inu’s layer-2 solution, Shibarium, may further boost its price performance.

Shibarium recently achieved milestones such as processing over 500 million transactions and surpassing 8 million total blocks.

By lowering fees, improving transaction speed, and introducing a token burn mechanism, Shibarium aims to enhance the Shiba Inu ecosystem and increase SHIB’s value.

At the time of reporting, the Shiba Inu (SHIB) price was $0.00002566.