Shiba Inu price jumps as hopes end for the US government shutdown to end and a $1 trillion liquidity surge boosts memecoins, targeting a breakout above $0.00001050.
Summary
- Shiba Inu price has regained key support at $0.00000998 and is now targeting a break above $0.00001050, which could open the way towards $0.000013.
- Optimism over a possible end to the US government shutdown and the return of $1 trillion in liquidity have boosted sentiment in risk assets such as memecoins, benefiting the price of Shiba Inu.
Shiba Inu Price Technical Analysis
Shiba InuSHIB) price is breaking out of a descending channel, having recently recovered from its retest of the lower boundary near $0.00000930. The recovery was confirmed by a clean break through the $0.00000998 horizontal level, which now acts as short-term support.
At the time of this publication, Shiba Inu price is trading around $0.00001006, about 4% below the key resistance of $0.00001050. A 4-hour candle close above this level with follow-through would confirm a breakout of the multi-week descending structure.
The RSI currently sits near 60, suggesting that there is room for further upside before reaching overbought conditions, leaving room for a push towards the $0.00001050 level. The 9, 21 and 55 EMAs have recently aligned in a bullish stack, confirming a short-term trend change in favor of the bulls.
If Shina Inu price breaks and sustains above $0.00001050, it could open the way towards $0.00001150 and $0.00001298, marking approximately 15% and 30% upside potential from the current price respectively.
The Shiba Inu price rally is developing as part of a broader strategy. resurgence of the entire marketdriven by improving macroeconomic liquidity conditions and optimism that the U.S. government shutdown it may end soon. The return of approximately $1 trillion in liquidity has reignited risk appetite in the cryptocurrency market, increasing main altcoins and extending to memecoins, with SHIB and DOGE among the top meme gainers.
