Cryptocurrency

Top Analyst Points Out Shiba Inu (SHIB) Promising Setup for a Bullish Price Breakout

Shiba Inu (SHIB) is poised for a potential surge as bulls gear up to overcome a crucial resistance barrier.

Crypto Rand (@crypto_rand), a respected crypto trader, shared this news with a chart on X. According to him, SHIB is on the cusp of breaking through a bullish pennant confluence on the horizontal resistance.

Read Also: Shiba Inu Lead Developer Addresses Concerns Regarding SHIB Burn

A Strong Foundation for Shiba Inu (SHIB) Ascent

Crypto Rand’s analysis draws attention to Shiba Inu’s current setup which could end up in a rally. This assessment is based on a chart that illustrates SHIB’s growth trajectory since the beginning of the year.

While Shiba Inu (SHIB) is currently trading at $0.000008201, down 1.24% in 24 hours, it stands in a relatively favorable position, as it is up 4.92% in the past seven days and 13.66% in the past month.

SHIB is still trading below its peak price for the year. It soared above $0.000015 back in February. After that, SHIB saw a dip to $0.000006555 in mid-June. Notably, this price level played a vital role as a crucial support level, causing a rebound.

Shiba Inu (SHIB) Headed for $0.00001?

Following this rebound, SHIB encountered significant resistance at the $0.000008 mark. A breakout eventually occurred in August, pushing the price to $0.00001071. This breakout came with the excitement surrounding the relaunch of Shibarium by the Shiba Inu team.

However, an issue in the performance of the layer-2 scaling solution led to a selloff, causing SHIB to revisit the mid-June low of $0.000006555 on October 19. If historical patterns repeat themselves, there’s potential for the bulls in the market to erase another zero, pushing SHIB to $0.00001.

Now that SHIB has successfully overcome the $0.000008 resistance zone, the possibility of a breakout candle could strengthen the bullish sentiment in the market.

Read Also: Shiba Inu Innovative Developments With Potential To Drive SHIB Price

Hope for Shiba Inu (SHIB) Growth

The Shiba Inu community maintains an optimistic outlook for the token, particularly concerning retesting the $0.00001 level, which is already a short-term target.

Shibarium also presents a promising avenue to stimulate demand and work towards achieving the $0.1 price target. Supporters believe that reaching this milestone will depend on a combination of internal and external factors, including the potential approval of a Bitcoin spot ETF in the United States.

Shiba Inu is at a critical juncture, with the potential for a bullish breakout. The historical context, along with recent developments, paints a good picture, driving optimism in the Shiba Inu community.


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Tobi Loba

Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

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