According to the latest analysis from TheCryptoBasic, Shiba Inu (SHIB) is showing potential for a significant price increase of up to 50% after breaking through a crucial descending trendline.
Data indicates that SHIB's price has been trading within a distinct descending channel for several months, consistently making lower highs. However, the price is now beginning to test and attempt to break above this trendline.
Concurrently, the SHIB price has seen a rebound from recent lows, forming a minor ascending trend and approaching resistance levels. Chart patterns suggest this could signal a breakout attempt with the potential for upward continuation.
This technical formation is often interpreted as a sign of a trend reversal, particularly when the price attempts to break through long-term resistance.
Is the SHIB Breakout Already Underway?
TheCryptoBasic points out that SHIB already broke a short-term "counter-trendline" on March 13th, reaching an intraday high of $0.00000630. This move suggests that buying pressure is gradually gaining control.
Following the clearing of this initial hurdle, the next significant resistance level is anticipated around $0.0000070. This level also aligns with a more critical resistance trendline on the daily chart.
Where Does the Potential 50% Rally Come From?
If SHIB successfully breaks through the $0.0000070 resistance, the next logical target would be $0.000010. This figure is not arbitrary but represents a key psychological level and a previously significant price area.
A move from the breakout zone to this target price would signify approximately a 50% increase, which is why analysts are closely watching this scenario.
However, to confirm this prediction, SHIB's price needs to establish a firm hold above the $0.0000070 resistance level. Once achieved, the likelihood of a move towards $0.000010 will significantly increase, making the potential 50% price surge for SHIB more attainable.