- SHIB breaks above $0.00001200, ending downtrend and signaling bullish momentum.
- RSI at 51.49 and MACD crossover suggest more upside without overbought risk.
- Burn rate drops 95%, but strong volume and sentiment support further SHIB gains.
Shiba Inu (SHIB) has finally broken out of a stubborn downtrend that held firm since mid-May, sparking renewed bullish optimism across the crypto market. The breakout above the key level of $0.00001200 is seen as a major technical shift for SHIB, potentially setting the stage for a sustained upward trend.
This move comes at a time when broader market conditions also point to bullish sentiment. With trading volume climbing and key indicators aligning, SHIB appears poised for another leg higher provided it holds critical support.
Key Technical Breakout Hints at Further Upside
SHIB’s recent breakout from its descending trendline marks a meaningful reversal. Since May 13, the coin had been trapped in a steady decline. However, the successful move above $0.00001200 has disrupted this pattern. SHIB KNIGHT, a respected crypto analyst, highlighted this technical shift and pointed to signs of strengthening bullish momentum.
A potential rally toward the $0.00001500 resistance level now seems within reach. This level has previously capped upward movements, so breaking it could attract more buyers.
However, price must hold above the broken trendline to confirm the breakout. A retest of $0.00001200 could act as a key validation point. If SHIB remains above this level, it may signal that the bulls are in control.
$SHIB has broken the downtrend it couldn't break since May 13 and is now ready to rise.
— $SHIB KNIGHT (@army_shiba) July 3, 2025
The crypto market is well-positioned for strong upward moves, and the datas look positive.
Fingers crossed! pic.twitter.com/BVhe4zPJkJ
Market Momentum and Indicators Point to Cautious Optimism
While SHIB’s price has climbed over 6% in the past 24 hours to reach $0.00001204, some indicators suggest cautious optimism. The Relative Strength Index (RSI) currently stands at 51.49.
This neutral zone suggests room for growth without entering overbought territory. Meanwhile, the MACD shows a slight bullish crossover, hinting at a potential shift in momentum.
Moreover, although the 24-hour trading volume has surged to over $192 million, the SHIB burn rate has sharply declined. Only 323,092 tokens were burned in the last day, marking a 95% drop. This could affect long-term supply reduction efforts, although overall token burns still exceed 410 trillion.
Burn Supply, Sentiment, and What’s Next
With over 584 trillion tokens in circulation and around 4.6 trillion staked, SHIB remains one of the most closely watched altcoins. Despite the slowdown in the burn rate, the overall market remains supportive of a bullish trend. Broader crypto strength could provide the momentum needed to push SHIB toward new short-term highs.
