An analyst argues Shiba Inu must break the $0.00001856 resistance level to exit its downtrend and move toward the $0.00004807 and $0.00007078 levels.
Shiba Inu has experienced a significant downturn over the past month, with its 30-day performance declining by 29.6%. The downtrend signals sustained selling pressure, though long-term holders have still recorded gains.
Over the past year, the asset has risen by 65.4%, indicating that despite short-term volatility, investors who held for an extended period maintain notable returns.
Meanwhile, its 7-day and 14-day gains of 0.5% and 7.4%, respectively, suggest signs of potential consolidation. However, a 1.5% drop in the past 24 hours highlights ongoing market uncertainty.
Amid the fluctuation, a TradingView analysis has identified critical price levels that could determine Shiba Inu’s next movement.
Shiba Inu Targets to Watch
According to the analysis, breaking the asset’s downtrend requires surpassing the $0.00001856 resistance level. Failure to do so may sustain bearish pressure.
The analysis also points to a potential death cross formation near the $0.00001916 level on the daily time frame, a development that could trigger a deeper downtrend. However, the risk of a death cross diminishes if Shiba Inu closes a strong candle above $0.00002123 on the 8-hour chart.
The analyst also outlined potential price targets for the next two months. In a bullish scenario, Shiba Inu could reach $0.00004807 and $0.00007078. Conversely, in the event of a market correction, the asset may decline to $0.00001028.
Additionally, Shiba Inu’s performance remains closely linked to Ethereum’s price action. Per the analyst, a sustained uptrend in Ethereum may provide bullish momentum for Shiba Inu.
SHIB Breakout Potential
A separate analysis from Javon Marks presents a more optimistic projection for Shiba Inu’s price trajectory. The assessment indicates that the asset has broken out of a Falling Wedge pattern, a formation often associated with bullish reversals. If the pattern holds, the breakout could result in a significant price increase.
According to Marks, Shiba Inu could experience a rally of 422%, which would push its value to $0.00008841. This level would mark a new all-time high, surpassing previous peaks.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
