- Shiba Inu’s breakout signals strong bullish momentum, targeting $0.000081.
- Key support levels at $0.00002100 and $0.00002000 indicate recovery potential.
- RSI and MACD suggest shifting momentum toward a bullish trend for SHIB.
Shiba Inu (SHIB) is showing strong bullish momentum, with some analysts predicting a massive 264% price increase. The optimism surrounding SHIB stems from a “major breakout” and several key technical indicators that suggest a continuation of the upward trend.
Crypto analyst Marks recently shared a detailed chart analysis on X, highlighting a breakout above significant resistance levels. With SHIB currently priced at $0.00002221, Marks’ forecast sets a target of $0.000081.
Technical Analysis Supports Shiba Inu’s Surge
Marks’ analysis indicates Shiba Inu is on the cusp of a strong upward movement. The chart clearly shows SHIB breaking above a critical resistance level, often signaling a new bull trend.
This breakout is further supported by the price retracing and retesting the broken resistance, a common sign of market strength before a continued upward move.
Read also: Shiba Inu Gains Prominence Despite Internal Uncertainities
Bullish Indicators Across Time Frames
Several technical indicators add to the bullish outlook for SHIB. Shorter time frames show continued bullish momentum, and key support levels have held firm during recent pullbacks, with buying pressure increasing around these levels.
SHIB/USD daily price chart, Source: Trading view
The RSI is moving upwards from oversold territory, signaling a potential shift toward bullish sentiment. Meanwhile, the MACD shows diminishing bearish momentum, further suggesting that a bullish crossover could be imminent.
Key Price Levels and Market Sentiment
Shiba Inu’s recent price action highlights its potential for a significant rally. As of press time priced at $0.00002266 , SHIB has gained around 4.46%, showing signs of a potential trend reversal.
Support levels at $0.00002100 and $0.00002000 are critical, as they have held during recent pullbacks. On the resistance side, SHIB faces immediate resistance at $0.00002300, with the next major barrier at $0.00002500.
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