Shiba Inu (SHIB) appears set for its next parabolic ride as bulls prepare to break an important resistance bar.
According to the popular crypto trader and investor, Crypto Rand, SHIB is gearing up to break up its “bullish pennant confluence on the horizontal resistance.” Shiba Inu remains in the positive price range after inking a mild growth of 0.87% overnight to $0.000008167.
Shiba Inu Flirting With Dominant Resistance Level
Per Crypto Rand, Shiba Inu has the “prime setup” to soar. This hinges on the chart they shared showing the growth trajectory of SHIB since the start of the year.
While SHIB is in a relatively better spot, it’s trading below its best price above $0.000015, achieved in February. SHIB fell from this high to a low of $0.000006555 in mid-June. SHIB did not stay at this level for long. This price level formed a crucial support aiding the rebound of the token.
This rebound faced a major resistance level at the $0.000008 level, and after flirting with this point from late June to early August, a breakout was eventually recorded, which pushed the price to $0.00001071. This breakout coincided with the hype that trailed the launch of Shibarium by the Shiba Inu team.
The hiccup the layer-2 scaling solution recorded triggered a selloff that saw SHIB drop to the mid-June low of $0.000006555 on October 19. Should history repeat itself, we may see Shiba Inu erasing one more zero to retest the $0.00001 level. With the token also overpowering the $0.000008 resistance zone, recording a breakout candle might solidify this bullish assumption moving forward.
Shiba Inu Growth Optimism Stay High
Notably, the Shiba Inu ecosystem has maintained great optimism in anticipation of a consistent surge in price. Most of the actions of SHIB whale holders are now directed toward retesting the $0.00001 level.
Though the short-term target is already locked in, the broader Shiba Inu ecosystem maintains a positive longer-term projection with a $0.01 price target.
While Shibarium presents the right channel to boost demand for this ambitious price target, proponents believe attaining this target will feature an optimal mix of internal and external factors extending to potential approval for Bitcoin spot ETF in the US.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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