Shiba Inu Price Eyes 455% Breakout Despite 59 Billion SHIB Liquidations

Key Insights:

• Analyst Javon Marks noted that a similar breakout in 2024 led to a 455% rally in Shiba Inu price, suggesting a comparable upside could occur if resistance is cleared.
• SHIB remains in a broader consolidation range, with $0.00000517 acting as a major historical support zone seen in prior cycles.
• Over 59 billion SHIB tokens were liquidated across derivatives markets in the last 24 hours.

Shiba Inu, the second-largest meme coin by market cap, is once again grabbing limelight. The latest Shiba Inu price structure on technical charts hints at a potential 455% upside from here. Over the last 24 hours, the SHIB price has been highly volatile, with liquidations at both ends.

Shiba Inu Price Chart Screams Major Breakout Ahead

Crypto analyst Javon Marks said Shiba Inu (SHIB) may be approaching a potential breakout. He pointed out that the SHIB price chart is forming a falling wedge pattern.

Shiba Inu price breakout | Source: Javon Marks

According to Marks, the meme coin appears to be nearing the upper boundary of the wedge. This technical pattern often precedes an upside move, once the resistance is broken.

The analyst pointed to a previous instance in which SHIB exited a similar falling wedge structure in 2024. Following this breakout, the Shiba Inu price gained 455% thereafter. Marks suggested that the current setup could signal another major price move if the breakout is confirmed.

Shiba Inu Price And the Gold/Copper Correlation

In response to growing interest, analyst Cantonese Cat shared a chart comparing Shiba Inu’s price behavior with the copper-to-gold ratio. Both these charts show striking similarities in their consolidation patterns.

Shiba Inu price and Copper-Gold Ratio | Source: TradingView

Shiba Inu price has remained in a clear downtrend on the monthly timeframe. If the current momentum continues, the token could record its eighth consecutive monthly decline.

The prolonged correction has pushed SHIB toward a long-standing horizontal support level near $0.00000517. This zone previously acted as a cycle bottom in both 2021 and 2023.

According to Cantonese Cat’s analysis, SHIB currently trades within a broader range. The $0.00000517 level serves as a key demand zone. However, the region near its October 2021 all-time high of $0.0000885 represents a major resistance area.

By contrast, the copper-to-gold ratio has followed a different long-term trajectory. Copper has been steadily weakening against gold since 2011, forming a series of lower highs and lower lows along a descending trendline.

Massive SHIB Token Liquidations

More than 59 billion Shiba Inu (SHIB) tokens were liquidated across derivatives markets over the past 24 hours. This comes amid the rising volatility in the broader crypto market.

Data shows that long liquidations accounted for roughly 42.75 billion SHIB, valued at about $240,440. On the other hand, the short liquidations totaled approximately 16.61 billion SHIB.

Across the wider cryptocurrency market, total leveraged liquidations reached $248.35 million during the same period. Despite a wave of liquidations and a partial pullback from recent highs, Shiba Inu’s price is up about 1.42% over the last 24 hours.

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