• Shiba Inu (SHIB) breaks out above a key descending channel, signaling potential bullish targets up to $0.00002500.
• Price consolidates near breakout level, forming higher lows, suggesting steady upward pressure and accumulation by buyers.
• SHIB futures show strong participation, with trading volume up 40% and open interest rising 8.79%, reflecting growing market confidence.

Shiba Inu (SHIB) is showing bullish indicators in the market following a breakout from a key chart formation. At the time of writing, SHIB is trading at $0.00001377, with a 24-hour trading volume of $354.32 million and a market capitalization of $8.10 billion. The coin has gained 2.37% in the past 24 hours, reflecting heightened interest from the community.

Shiba Inu Breaks Out as Bulls Eye Latest Rally

Last week, popular crypto analyst Jonathan Carter highlighted that SHIB broke out above a descending channel formation on the daily chart, something frequently seen as the beginning of a possible bullish surge.

At this time, the price is consolidating sideways around the breakout point, hinting that buyers are slowly accumulating positions before the next major move. According to Carter, if momentum continues, SHIB could aim for upside targets at $0.00001400, $0.00001750, $0.00002050, and even $0.00002500.

Shiba Inu Builds Bullish Strength With Higher Lows

Adding further to the bullish sentiment, another prominent analyst, SHIB KNIGHT, noted that the coin’s chart is forming a line of higher lows, a typical sign of stable upward pressure. This development indicates that the market may be preparing for additional gains, and resistance levels are likely to be tested soon if buying pressure continues.

With technical indicators confirming the trend and interest in meme-coins staying strong across the crypto spectrum, all eyes are now on SHIB to see if it can maintain this momentum and move towards its next price milestones.

Also Read | Shiba Inu (SHIB) Charts Signal Big August Move: Key Levels to Watch

Shiba Inu Derivatives Show Strong Momentum Shift

Shiba Inu’s futures market experienced a healthy spike in action, with its trading volume surging 40.05% to $310.50 million, while open interest rose 8.79% to $170.52 million. The increase across both indicators indicates greater participation and newly gained vigor within SHIB’s futures marketplace. Price movement remained in line with this advance, evidence of positive sentiment building among participants as liquidity increased.

OI-Weighted funding rate closed at 0.0136%, which showed a slightly bullish sentiment in positioning across markets. A positive funding rate implies that long positions are dominating shorts, as investors expect short-term bullish prospects. Persistent increases in these derivatives indicators may support further upward pressure on SHIB’s spot price if sentiment persists.

Also Read | Shiba Inu (SHIB) and Dogecoin (DOGE) Investors Spot Rare 33,000% Opportunity in This New Meme Coin