Shiba Inu Eyes New Highs as 2 Bullish Signals Flash Across the Charts

Top meme coin Shiba Inu has been on a steady upward trend since June 22, logging a 22% price increase. As the meme coin continues to show signs of resilience, on-chain indicators suggest that SHIB’s rally might not be over yet.

Two major signals stand out: a key cluster of capital sitting above the current price level, and a sharp spike in whale accumulation.

SHIB Poised for Breakout as Capital Cluster and Whale Demand Reach New Highs

The SHIB/USD one-day chart shows that the meme coin has been moving within an ascending parallel channel since June 22. The channel emerges when an asset’s price moves between two upward-sloping lines, indicating a consistent pattern of higher highs and higher lows. 

As of this writing, SHIB trades near the upper line of this channel. The meme coin appears poised to break above the line as bullish sentiment climbs. Two key on-chain metrics hint at the likelihood of this happening in the near term.

First, SHIB’s liquidation heatmap shows a concentration of leveraged positions and liquidity just above its current trading range at $0.00001607. 

Liquidation heatmaps identify price zones where clusters of leveraged positions are likely to be liquidated. These maps highlight areas of high liquidity, often color-coded to show intensity, with brighter zones (yellow) representing larger liquidation potential.

Historically, when capital clusters form above an asset’s market value, they attract short-term bullish momentum as traders look to exploit these liquidity zones. Therefore, this could act as a price magnet, drawing SHIB higher in an effort to trigger liquidations and fill these orders.

Furthermore, there has been a remarkable increase in SHIB whale activity. Per IntoTheBlock, over the past month, the netflow of large holders—wallets holding more than 1% of SHIB’s circulating supply—has surged by more than 3,000%. 

This aggressive accumulation by whales suggests growing confidence in SHIB’s upside potential and confirms the possibility of a continued price breakout.

SHIB Bulls Target $0.00001671—But Will Profit-Taking Derail the Rally?

At press time, SHIB trades at $0.0000151, just below a key resistance level at $0.00001556. Continued buying pressure could push the meme coin past this threshold and toward $0.00001578, the upper line of its ascending parallel channel. 

A clean breakout above this level may open the path for a rally toward $0.00001671. This move could mark a potential new monthly high as well.

However, if accumulation slows and short-term traders shift to profit-taking, SHIB risks losing momentum. A reversal could drag the meme coin down to the next support zone around $0.00001467. Thus, erasing some of its recent gains.