Analyst Predicts Shiba Inu to $0.00006 as SHIB Breaks Major Resistance After 17% Spike

SHIB Knight, a notable analyst, expects Shiba Inu to reach a new yearly peak at $0.00006 after the breach of a major resistance in a 17% three-day spike. 

Shiba Inu is currently showing signs of a recovery after weeks of range-bound movements beneath pivotal decisive price territories. The recent recovery push allowed SHIB to retest the $0.000029 price threshold today for the first time in nearly two months.

Shiba Inu Soars 17% in 3 Days

This came on the heels of a three-day winning streak that has seen Shiba Inu spike by an impressive 17.56%. This marks SHIB’s biggest gains over a three-day period since it engineered a similar price uptrend in late February. Recall that this late February upswing culminated in a 370% gain to the $0.000045 yearly high.

Now, SHIB Knight, who has continued to observe Shiba Inu’s price movements, believes this ongoing uptrend could end with similar price gains. In an analysis today, the market watcher confirmed that the latest price rally has sealed Shiba Inu’s breakout above a resistance trendline that plagued it for over two months.

$SHIB TO THE MOON 🔥🚀🚀🚀🚀 pic.twitter.com/tO94d7jhZk

— $SHIB KNIGHT (@army_shiba) May 29, 2024

For context, this resistance trendline formed on the back of SHIB’s collapse below the $0.00004567 high on March 5. Every attempt toward breaching it was met with fierce resistance from the bears, as the trendline continued to exert pressure on SHIB’s price action, leading to lower highs.

Market data suggests that a successful breakout occurred on May 15 when Shiba Inu recorded a massive 9.88% intraday gain to breach the $0.000025 territory. However, a battle at this territory kept SHIB grounded atop the resistance trendline, with concerns of a drop below it should the bears trigger enough selling pressure.

An Imminent Push Toward $0.00006

Now, the recent 17% three-day gain has helped Shiba Inu to record a confident push above this area, confirming the possibility of an imminent price upswing. SHIB Knight believes this upswing could potentially take Shiba Inu to a new yearly high of $0.00006. The last time SHIB saw $0.00006 was in November 2021.

The accompanying chart shows that a push toward this level would necessitate a 152% increase from Shiba Inu’s May 24 trading value of $0.00002375. Interestingly, the required gains to reach the $0.00006 level have reduced, given SHIB’s reclamation of the $0.000028 territory. 

At a current price of $0.00002876, Shiba Inu would need a 108% rise to clinch $0.00006, much lower than the 370% increase it recorded from late February to early March. In addition, despite the sudden spike, SHIB’s daily RSI sits at 65.97, well below 70. This suggests that Shiba Inu still has more room for price growth. 

The Crypto Basic confirmed yesterday that Shiba Inu witnessed a massive transaction volume of 5.3 trillion SHIB. Latest data from CryptoQuant shows that SHIB saw over 1 trillion tokens in exchange netflow yesterday. While this could increase selling pressure, the last time such a spike occurred was in late February, right before SHIB rallied to $0.000045.