Shiba Inu surges 6% in 24 hours, volume jumps 52%

Shiba Inu (SHIB) has been trading within a narrow range, but recent indicators suggest a potential major breakout. The cryptocurrency has seen a 6% price increase in the past 24 hours, with trading volume surging by over 52%, reaching $383 million. This surge in activity has sparked speculation that SHIB could be poised for a rally similar to its 2021 performance.

Currently, SHIB is trading near $0.00001344, within a tight range between $0.000010 and $0.000016. Analysts are closely watching the 200-day moving average at $0.00001634, as a break above this level could trigger a significant price movement. Crypto analyst MasterAnanda predicts that if SHIB clears this level, it could accelerate quickly, with a target price of $0.0001032, representing a 1,500% increase from current levels. This target is based on the analyst's belief that SHIB is early in a new bull cycle and that the real move has not yet begun.

Another analyst, Jonathan Carter, notes that SHIB has been in a descending channel since December 2024 but is now consolidating near its midline support and pressing against the 50-day moving average. A breakout above this level could push SHIB toward $0.00002050 in the near term, with potential resistance at $0.00002500 if volume continues to grow. The increasing social media chatter and meme coin interest suggest that SHIB, with one of the strongest communities in crypto, could lead the next charge in the market.

The current setup for SHIB is reminiscent of its 2021 rally, where the cryptocurrency gained mainstream attention and created overnight millionaires. With the token trading about 85% below its all-time high, there is ample room for a significant price movement if momentum returns. The community support and decentralized nature of SHIB, driven by the ShibArmy, have been key factors in its past rallies and could play a crucial role in its future performance. However, it is important to note that these predictions are based on analyst forecasts and should be taken with caution. The actual performance of SHIB will depend on various factors, including market conditions and regulatory developments.