Dogecoin killer Shiba Inu is ripe for a 10% bullish breakout as two major events trigger an upswing

Shiba Inu (SHIB) is jumping higher this morning in the ASIA PAC and European trading sessions after a downbeat weekend. Luckily for SHIB, a few elements are turning in its favor, and it could see it quickly paring back losses from the past weekend as $0.00001150 remains the price target. With the 55-day Simple Moving Average (SMA) nearby, a breakout scenario could become interesting this week.

Shiba Inu price has bulls setting sights on $0.00001150

Shiba Inu price is enjoying some loose headlines hitting the wires this morning that are triggering some mildly positive tailwinds for the altcoin. The first headline comes from competitor Dogecoin’s  lawsuit against Elon Musk for supporting the altcoin. Musk asked on Friday to throw out the $258 billion claim for racketeering, and it is now up for the judge to rule. Secondly, some whales have moved 6.08 trillion SHIB to Coinbase, which could be identified as a consolidation of portfolios and points to just a few whales building up the stake.

SHIB is next to these elements, primed for a leg higher due to its burn rate. Although the burn rate slid by more than 60%, the number of SHIB tokens burnt was enormous and is a sign that more transactions are taking place. Shiba Inu price looks granted to revisit $0.00001150 quite soon for a gain of 10%..

SHIB/USD  4H-chart    

The bigger risk to watch is around $0.00001050, which barely held support in the sell-off this weekend. Expect to see another leg lower if that level gets tested again with the risk of SHIB sliding back below $0.00001000. The low of March, near $0.00000966, looks to be the best candidate to find support.