Shiba Inu (SHIB) has a long way to go to catch up with parent chain Ethereum (ETH) in this summer’s bull rally. Luckily, the technical setup shows SHIB might be primed for a rally towards $0.00001471, analyst Rich X Cult notes.
Falling Wedge Broken, Big Resistance Hurdle Next
For this bullish wedge breakout to get active, Shiba Inu’s price has to close above $0.0001311, marked in green colour in the chart above. Surely, SHIB has been dancing around the $0.000013 level today, after sliding 5.3% from $0.000014 in Friday’s crypto market correction.
This lost resistance level is particularly important due to a whopping 536.11 trillion SHIB tokens being held in the range up to $0.000019. Precisely, the seasoned crypto analyst Rich Cult X sees $0.00001471 as the lowest target, but much will depend on the holder sentiment around that range.
Is Shiba Inu Barking At $0.000016 Or $0.000011?
In a more optimistic scenario, this falling wedge could link Shiba Inu’s price to $0.000016, a key level the dog-embossed meme coin hasn’t touched since May 11, 2025. On the contrary, the pessimistic scenario could push Shiba Inu’s price to a freefall below $0.00001170, retesting yearly lows.
Regardless, crypto market watchers don’t see that coming if SHIB’s price keeps above the $0.00001242 support line, which Rich X Cult used as an entry point. So far, SHIB is trading at $0.00013, successfully holding this key support amidst a considerable uptick in trading volume.
Usually netting around $250 million per day, Shiba Inu’s (SHIB) traders have sped up their trading pace on Friday, hitting over $360 million in 24-hour trades so far this Friday. On the Derivatives side, crypto traders have been bearish on the memecoin’s price, with short SHIB price plays exceeding the long leveraged plays 1 to 0.80.
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The falling wedge is a bullish technical pattern where SHIB’s price forms lower highs and lower lows within converging trendlines, signaling diminishing selling pressure and a potential upward breakout.
The breakout indicates a shift from a bearish to a bullish trend, with analysts predicting short-term price targets of $0.000014 to $0.000016, and some eyeing up to $0.000032 or higher.
Support is at $0.00001242-$0.00001170, with resistance at $0.00001471-$0.00001600. A sustained move above the 50-day moving average could confirm bullish momentum.
Increased trading volume, a surge in SHIB burn rate (e.g., 3,400% spike in March 2025), rising Shibarium activity, and whale accumulation (870% surge in transactions) could fuel gains.
Track SHIB’s progress via trusted sources like DailyCoin, which offers detailed technical analysis and market insights on the popular dog-themed coin’s breakout & potential rally.
