SHIB Rips Through $0.000005 Ceiling Amid Massive Short Squeeze

The breakout of SHIB above $0.000005 has sent shockwaves through the crypto market, pushing prices up by 21.8% in a single day.

This move comes after a massive short squeeze, with $3.1 billion in leveraged short positions being liquidated across the crypto complex.

The technical picture is mixed, with momentum readings showing a clear bullish crossover but the MACD histogram signaling bearish momentum underneath.

Analysts have set price targets ranging from $0.00000583 to $0.00000710, but some warn that a loss of $0.000005 could trigger a failed breakout and target the prior consolidation range.