A top analyst has predicted the next price target for Shiba Inu following its recent bullish shift, spurred by a stop-loss cluster retest.
Tradersboat highlighted what he called a free masterclass in liquidity from Shiba Inu after a strong price rebound. Following the stop-loss hunting event and recent emergence of bullish momentum, he has shared the next price target for Shiba Inu around the $0.000025 region.
Notably, the outlook comes on the heels of Shiba Inu’s higher price pull, following a broader market uptrend. The prominent meme coin has increased by 16.5% in the past seven days and an impressive 32% since the start of July.
Shiba Inu Reversed Hard After Grabbing Liquidity
For context, Shiba Inu faked out in May when it rallied to a high of $0.00001504 but quickly lost momentum, dropping back to its local support around $0.00001020. Meanwhile, Tardersboat shared that the May rally saw SHIB retest a descending resistance trendline but failed to break free on the attempt.
Following the rejection, Shiba Inu returned to its local support to capture liquidity, targeting the retail stop-loss cluster around the area. Notably, it temporarily broke below the demand wall on June 22, with a low of $0.00001004, causing retail investors to panic-sell.
After concluding this “free masterclass in liquidity,” Shiba Inu reversed hard, also sweeping liquidity from late short positions. From the low, SHIB rallied extensively, breaking market structure, with its surge past the stop-loss cluster trendline.
Furthermore, SHIB continued its uptrend and reached the multi-month resistance trendline from which it was rejected in May, but this time defied it. With the strong momentum, the analyst has predicted further upside for Shiba Inu.
Next Target for Shiba Inu Amid Bullish Traction
Meanwhile, Shiba Inu is now up 50% from its June low of $0.00001004, joining in the parabolic move among most altcoins. With the bullish traction ensuring it broke above a crucial resistance trendline, Tradersboat has highlighted its next target.
He predicted an uptrend, characterized by higher highs and higher lows, to the next supply area at $0.000025. Interestingly, this is the same area where Shiba Inu faced massive price rejection in January.
From its current price of $0.00001514, this would mark a 65% rally and could set Shiba Inu up for higher prices if it overcomes the distribution zone this time. Remarkably, several other analysts have echoed this sentiment, highlighting the resistance at $0.000035 as the next level before a swing to retest its all-time high at $0.0000885.
Moreover, some further suggest that Shiba Inu could reach as high as $0.00024 this cycle if bullish momentum endures.
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