🌎 Shiba Inu Set for Bullish Breakout as Shibarium Activity Soars

Shiba Inu Token Poised for Bullish Breakout as Shibarium Accounts Surge

The Shiba Inu token, the second-largest meme coin in the cryptocurrency market, is currently trading at $0.000018, maintaining this level for several weeks. This price represents a 70% increase from its lowest point this year.

Shiba Inu (SHIB) has been following a consolidation trend similar to other cryptocurrencies. For example, Bitcoin (BTC) has been hovering slightly above $72,000 this week.

Shibarium Network Growth

A significant driver for Shiba Inu’s potential bullish breakout is the positive momentum in the Shibarium network. Recent data shows that the number of accounts on the network has risen to 177,000 from 127,000 on October 1, with a notable increase on October 17.

The total number of transactions in the network has also seen growth, climbing to 438 million from 416 million earlier this month. This activity is crucial because Shibarium, Shiba Inu’s layer-2 network, processes transactions using the BONE token. Most BONE tokens are converted into SHIB and subsequently burned.

Potential Bitcoin Influence

Shiba Inu could also see benefits from a potential Bitcoin rebound above its all-time high of $73,800. A significant rise in Bitcoin could trigger a rally in meme coins, including SHIB.

Technical Analysis: Bullish Patterns

The daily chart indicates that Shiba Inu has formed a double-bottom pattern at $0.00001253 and has moved above the neckline at $0.000016. Additionally, SHIB has created a bullish pennant pattern, characterized by a long vertical line and a symmetrical triangle. A bullish breakout typically occurs as the triangle nears its confluence point.

Shiba Inu has also surpassed the 50-day moving average, enhancing the likelihood of a bullish breakout. If this breakout occurs, SHIB could retest the resistance level at $0.00002150, the highest price recorded on September 27. Breaking above this point could lead to potential gains toward $0.000030, the highest level on May 29, representing a 60% increase from the current price.