Shiba Inu (SHIB) is showing promising signs of a potential bullish breakout, supported by increasing whale activity and positive technical indicators. The crypto is up a relatively tame 3.6% on the day, with analysts awaiting an important breakout target of $0.0000175. If this resistance is broken, we may be looking at the beginning of a longer-term bull trend. Such a shift could increase prices by up to 180 percent from today’s levels.

SHIB’s price consolidation has heightened interest in the crypto by technical traders & investors, further improving the meme coin’s market performance. Bitcoin has recently recovered to all-time highs above $118,000, sending markets across the entire cryptocurrency space into a frenzy. This momentum has equally propelled interest in high-beta assets such as SHIB, creating a rosy picture for investors. Based on the movement speculated for SHIB, the week of July 14-20 would be a make-or-break period for the asset.

Confidence among large investors is built, as whale wallets have added 700 billion SHIB tokens in just 48 hours. Such a trend of accumulation usually foreshadows major price action, lending a lot of credence to the bullish observations made about SHIB’s behavior. This surge in whale activity comes as the overall cryptocurrency market is experiencing a wave of green with gains close to 20%.

Additionally, SHIB has recently formed a golden cross, an indicator of short-term bullish sentiment. This is when the 50-day moving average crosses on top of the 200-day moving average. This setup usually signals a change in price activity from downtrend to uptrend. Furthermore, SHIB has gone through a heavy MACD bullish divergence, a time-tested precursor of future trend reversals.

Technical analysts such as Javon Marks are confident that a breakout past the key resistance level of $0.0000175 is bullish. Of note, it would mark the break of a pattern of several months of lower highs. SHIB’s price may be swiftly pushed into the $0.000022–$0.000027 zone should this breakout materialize. The short-term price target for SHIB is approximately $0.000032. This target price implies a significant 180% upside potential from where it’s currently trading at.

Bitcoin’s price has recently exploded, creating all sorts of euphoria among traders. This increase has been causing them to seek out high-beta assets such as SHIB. Risk appetite on the part of traders appears to be growing. This change in investment strategy further demonstrates their search for higher risk-adjusted returns in the altcoin markets. It’s easy to understand why the crypto market is up big today… almost 20% in fact.

Shiba Inu’s price action is currently one of the most watched by the cryptocurrency community, with a lot of people expecting a big move imminent. There are positive technical indicators and the largest players, referred to as whales, are adding to the bullish signal. Considering these positive developments, SHIB might be getting ready for a massive rally. This confluence of factors has triggered bullish interest among more technical traders.