- Shiba Inu has flipped Hedera by market cap and is eyeing a 40% rally following a bullish cup and handle breakout.
- With rising trading volume and open interest, SHIB could soon hit $0.000018.
Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, is back in the spotlight after overtaking Hedera (HBAR) in market capitalization. Currently ranked 15th among the top crypto assets, SHIB is showing strong signs of a bullish breakout that could send its price soaring toward $0.000018—a potential 38% gain from current levels.
As of May 10, Shiba Inu is trading around $0.000015, having jumped 8% in the past 24 hours. This rally pushed its market cap to $8.5 billion, enough to flip Hedera and reignite interest in the altcoin. The surge in price also brought a 73% spike in trading volume, indicating renewed enthusiasm among investors and traders.
Also read: Cardano (ADA) Breaks $0.74: Will Soaring Open Interest Push Price to $1.20?
Technical indicators point to a compelling bullish pattern: a cup and handle breakout on the daily chart. This classic chart formation typically precedes a strong upward move, and in SHIB’s case, it could trigger a run toward the $0.000018 resistance level. If SHIB can break above the 200-day Simple Moving Average (SMA), it would further confirm a long-term trend reversal.
Adding to the bullish case, the Relative Strength Index (RSI) is trending upward, signaling strengthening momentum. Meanwhile, open interest on SHIB derivatives has hit a three-month high of $228 million, according to Coinglass. This indicates increasing leveraged positions and growing trader confidence in a continued rally.
While Shiba Inu still faces key resistance levels, especially near $0.000018, the convergence of technical strength, market momentum, and rising investor interest paints a positive outlook. A successful breach of this level could open the path to January’s high of $0.000020, pushing SHIB’s market cap closer to $12 billion.
For now, all eyes are on the meme coin as it attempts to turn bullish momentum into a breakout rally. If the cup and handle pattern plays out, SHIB could be headed for its strongest move in months.
