Shiba Inu Targets 60% Rally to $0.000021 as Bulls Liquidate $1.79M in Shorts

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Shiba Inu (SHIB) is flashing strong bullish signals as it surges past key resistance levels, shaking out millions in short positions and pushing toward a potential 60% upside. With price currently holding above $0.00001493 and short liquidations reaching $1.79 million, SHIB appears poised to rally toward the $0.00002137 mark, a level that could define the next breakout phase.

SHIB Climbs Amid $1B in Market-Wide Liquidations

As the broader crypto market experiences a wave of nearly $1 billion in liquidations, Shiba Inu has emerged as one of the standout performers. The token has climbed 3% today, building on a 12.5% gain on May 8, thanks to an aggressive short squeeze and renewed investor enthusiasm.

This price action aligns with a broader recovery trend, suggesting that bearish pressure is weakening across the market. SHIB’s current move signals a return of bullish momentum that could ignite a more sustained uptrend.

Technical Indicators Confirm Bullish Breakout Setup

Shiba Inu’s price action confirms a rounding reversal pattern, indicating that the recent downtrend may be ending. After consolidating below the psychological $0.000015 mark earlier in 2025, SHIB has now broken past key technical levels. The asset has crossed above its 50-day and 100-day Exponential Moving Averages (EMAs) and the 23.60% Fibonacci retracement level at $0.00001390.

Currently, SHIB is testing the critical supply zone just beneath the $0.000015 psychological resistance. A successful breakout from this level would invalidate the prior bearish structure and signal the beginning of a new bullish cycle.

The Fibonacci retracement levels offer a roadmap for SHIB’s breakout path. Immediate resistance lies at the 38.20% level around $0.000016, a point where bulls will need to maintain pressure. If the price pushes beyond this zone, the next major resistance is at the 61.80% level, located near $0.00002137.

This price target implies a potential 60% upside from current levels, making it a crucial zone to watch for traders and investors alike.

MACD and EMA Trend Shift Support Rally

The MACD (Moving Average Convergence Divergence), which previously issued a false bearish crossover, has now flipped back into bullish territory. This renewed crossover confirms growing buying pressure and aligns with the price’s upward trajectory.

Additionally, both the 50-day and 100-day EMAs are sloping upward, suggesting that a trend reversal is already underway. The confluence of these signals supports the possibility of a continued rally toward the projected resistance levels.

Bulls Liquidate $1.79 Million in Shorts

Data from Coinglass supports the bullish narrative, showing that short liquidations over the last 24 hours have totalled $1.79 million. This aggressive shakeout has cleared the path for further gains, reducing overhead selling pressure and validating the recent price surge.

Moreover, open interest (OI) in SHIB has spiked by 25.43%, reaching $209.75 million, which reflects a sharp increase in trader participation and confidence in the upward trend.

The OI-weighted funding rate has also climbed to 0.010%, indicating that more traders are entering long positions, further reinforcing market sentiment in favor of bulls.

Key Levels to Watch

While the indicators are largely bullish, SHIB must sustain momentum and break through the current supply zone to continue its rally. If it fails to do so, the price may retrace toward key support levels: