Shiba Inu Set for Potential Upswing Near Yearly High
In recent news, Shiba Inu, the popular meme coin, is gearing up for a potential bullish rally targeting higher price levels. However, it needs to overcome bearish trends affecting its ecosystem.
The coin has experienced its third consecutive weekly downtrend, with a slight correction noted compared to prior weeks. Last week, Shiba Inu closed with a 1% dip, unable to maintain the earlier bullish momentum that peaked at $0.00002408.
Shiba Inu’s Bullish Breakout
Recent analysis from Rose Premium suggests that Shiba Inu could regain its bullish stance after the recent dip. They noted a possible breakout above a descending channel within the 1-day timeframe.
A chart provided by the analyst indicated a potential breakout from the channel, first formed at the local high of $0.00003343 in early December. Rose Premium outlined three price objectives for Shiba Inu: short-term, intermediate, and long-term targets.
Price Targets According to Rose Premium
The analyst believes Shiba Inu will encounter resistance at $0.00003236 during the initial rally, with a break above this level leading to gains towards an intermediate supply zone at $0.00003870.
Furthermore, the long-term target from the breakout of the descending triangle is set at $0.00004349. A near 100% price surge could occur if strong bullish momentum takes over the market.
Monitoring Support Levels
Rose Premium highlighted significant support levels to watch as Shiba Inu continues its downtrend. They identified the 0.618 Fibonacci level at $0.00002230 as a potential demand zone and the 0.786 extension at $0.00002170 as stronger support.
Although support at $0.00002230 has been breached, Shiba Inu has found refuge at the $0.00002170 demand zone. The coin could rebound from this area if buying interest persists.
Currently, SHIB is trading at $0.0002173, reflecting a 1.73% increase in the past 24 hours.
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