Shiba Inu, the popular cryptocurrency, has broken out of its range-bound movements, surging 17.56% in just three days. This remarkable upswing has reinvigorated hopes of a significant price increase, with some analysts predicting a potential 108% rise to $0.00006. This would mark a new yearly high and a significant milestone for the cryptocurrency.

The recent price action has seen Shiba Inu retest the $0.000029 price threshold for the first time in nearly two months. This move has been accompanied by a significant increase in transaction volume, with over 5.3 trillion SHIB changing hands. While this could increase selling pressure, similar spikes in the past have preceded significant price rallies.

SHIB Knight, a market watcher, believes that the ongoing uptrend could end with similar price gains, potentially taking Shiba Inu to a new yearly high of $0.00006. This would require a 108% increase from its current price, a feat that seems achievable given the cryptocurrency's past performance.

The accompanying chart shows that a push toward this level would necessitate a significant increase, but one that is well within the realm of possibility. The last time Shiba Inu saw $0.00006 was in November 2021, and a return to this level would be a significant milestone for the cryptocurrency.

Despite the sudden spike, SHIB's daily RSI sits at 65.97, well below 70, suggesting that Shiba Inu still has more room for price growth. The Crypto Basic confirmed yesterday that Shiba Inu witnessed a massive transaction volume of 5.3 trillion SHIB, and latest data from CryptoQuant shows that SHIB saw over 1 trillion tokens in exchange net flow yesterday.

While this could increase selling pressure, the last time such a spike occurred was in late February, right before SHIB rallied to $0.000045. With its daily RSI still below 70 and a significant increase in transaction volume, Shiba Inu seems poised for further price growth, potentially reaching the $0.00006 level in the near future.