Shiba Inu has now reached a crucial lower-timeframe level, and its reaction will determine whether it will continue to higher prices or recoil to lower zones.
This analysis came from market analyst Mark on Friday, following a positive bullish price continuation from Shiba Inu. The second-largest meme coin by market cap has increased 2% in the past 24 hours, mirroring the broader market trend.
Nice Shiba Inu Pump After Breakout
Notably, Mark’s analysis highlighted a decent price movement from Shiba Inu after a recent breakout in the lower timeframe. It broke from a descending neckline resistance on the 4-hour chart on September 7 with a rally past $0.00001235.
The bullish momentum has endured since then, with Shiba Inu increasing by 7% to the resistance level at $0.00001328. Now, the analyst has identified the area as make-or-break for SHIB, as its reaction would determine its subsequent near-term price development.
Break to Higher Prices or Risk Retracement
For context, Shiba Inu is familiar with the current resistance at $0.0000134, as it recently faced rejection in this area. The meme coin rallied to the supply region twice between August 22 and 24 but was unable to surmount the selling pressure there.
Faced with the familiar opponent, Mark suggested that Shiba Inu needs to overcome the resistance to make a better move to new heights. Failure to trade above it would result in SHIB retreating to lower zones.
Meanwhile, he highlights a possible retest of the $0.0000126 region or even the weekly support at $0.000010. While he did not identify the targets if Shiba Inu breaks above the resistance, several other analysts have shared possible outcomes.
Bullish Shiba Inu Targets
Most recently, SwallowAcademy predicted that Shiba Inu could rally to between $0.000020 and $0.000024 if it breaks out. The analyst’s breakout point is above the 200-day exponential moving average at $0.00001384, an indicator that has impeded SHIB from reaching higher prices in recent weeks.
Meanwhile, “Polaris_xbt” raised the targets even higher, projecting a move to an 18-month high of $0.00003396. He based the outlook on a possible price explosion from recent boring Shiba Inu price accumulation.
Additionally, Javon Marks stated that forming a bullish MACD divergence will take Shiba Inu to $0.000081. This would see it revisit prices last seen in four years, when it reached its current all-time high of $0.00008845.
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