Shiba inu

Shiba Inu (SHIB) Price Forecast: Imminent Breakout above $0.000030?

This partly explains why Shiba Inu price has consolidated above $0.00002 this week, while the other mega cap memecoins like PEPE and Dogwifhat (WIF) suffered major dips.

Furthermore, with SHIB price currently outperforming the broader meme coin market trends, strategic investors could ape-in, in hopes of an accelerated breakout once crypto sector enters a rebound phase.

While the broader crypto market has battled bearish headwinds, shedding over $50 million in market capitalization during this week, SHIB price has conspicuously managed to avoid a breaking down below the critical.

Drawing insights from the $9 million exchange outflows, SHIB price will likely rebound towards the $0.000030 area in the near term.

Coinglass’ Liquidation Map chart also supports this bullish Shiba Inu price outlook. It represents the value of leveraged futures contracts active at key price levels.

The number of SHIB LONG leverage positions has now exceeded the SHORTs, signaling that the majority of Shiba Inu derivatives traders are increasingly betting on an early price rebound.

Shiba Inu SHIB Price Forecast | Source Coinglass

As illustrated above, Shiba Inu SHORT traders risk  losing $1.14 million in potential liquidations if prices surge another 10% to reclaim $0.000026. If they opt to trigger stop-losses or close out their positions early, the could form a major resistance sell-wall at the $0.000025 territory.

But, in comparison, the bulls have mounted leveraged LONG positions worth $2.09 million, which could all be liquidated if SHIB prices fall below the critical $0.00002 support level. Given that the bulls have significantly more skin in the game, SHIB price advancing towards $0.000026 currently looks more likely.

If that scenario plays out as predicted, positive sentiment surrounding the 2024 Bitcoin Halving event could see SHIB prices surge further toward the $0.000030 territory.

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