Shiba Inu (SHIB) price is eyeing massive gains to a new high of $0.0001 after forming a bullish pattern after a buy signal appeared on the weekly chart. The second-largest meme coin has been tipping north, with the rally continuing despite the recent losses recorded by long buyers, suggesting that buyers are more active than sellers.
At press time, SHIB price trades at $0.000016 with a 3.84% gain in 24 hours. These recent gains have placed the top-performing meme coin up by a staggering 27% in one week.
MACD Buy Signal Hints SHIB Breakout to $0.0001
Shiba Inu price is on an upward trend, and it might break out to $0.0001 after the MACD indicator creates a buy signal, albeit remaining in the negative territory. This bullish signal teases that bulls are about to gain strength, and this may trigger the next parabolic rally for the meme coin that may push it to new record highs.
Besides this bullish MACD signal, a double-bottom pattern also suggests that SHIB is about to make a reversal from a downtrend to an uptrend. SHIB has made a strong bounce from the support level of $0.0000109, which also marks the bottom of this chart pattern, and it now targets the resistance at the neckline of $0.000033.
The target price of this pattern stands at $0.000045, and if Shiba Inu price can clear this level, it will aim for the all-time high of $0.000088, after which SHIB may be prime for more gains to $0.0001.
The other confirmation of a bullish Shiba Inu price prediction is that the momentum is gaining strength, as depicted by the rising RSI, which has crossed above 50 for the first time since January 2025. This crossover also confirms a strong bullish sentiment for SHIB.
$1M Losses Fail to Halt Shiba Inu Price Rally
The SHIB rally has also continued despite a spike in long liquidations, which usually cause an increase in selling activity as long buyers are forced to exit their positions. According to Coinglass, more than $1M long positions on this meme coin were closed after the Shiba Inu price slipped after hitting a barrier at $0.000017, but the selling activity did not impact the rally.
The fact that SHIB has managed to continue with the upward trend despite an influx of long liquidations shows that the buying pressure in the spot market has increased significantly and outpaced the selling pressure. Furthermore, data from Coinglass also shows that SHIB funding rates have been positive, which is also bullish as long buyers choose to pay a fee to keep their positions open.
Additionally, the long liquidations could be an act by large traders to engineer liquidity to fill their substantial long orders. After the $1M long positions faced liquidation, it caused a slight slip in price that improved liquidity and created better entry prices for these investors to accumulate.
Shibarium TVL Shoots Towards $4M
The other bullish indicator suggesting that the price of Shiba Inu could break out to $0.0001 is an increase in DeFi activity on the Shibarium layer 2 network. As Coingape previously reported, Shibarium has been breaching milestones and is now approaching the $4 billion TVL mark.
As Shibarium grows after reaching January highs, it shows SHIB price has the potential to continue with an upward rally due to increased investor confidence. Moreover, a surge in network usage on the layer 2 network and active address count may also increase the burn rate and bode well for the meme coin.
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