Shiba Inu Price Faces Key Resistance Levels, but Analyst Predicts 94% Surge After Breakout

The Shiba Inu price remains under pressure as it tests descending trendlines, but a potential breakout up to 94% could signal a bullish shift.

According to a TradingView chart shared by crypto analyst MMBT Trader, Shiba Inu has been facing repeated rejections at two descending trendlines, with prices struggling to break through these key levels.

However, MMBT Trader noted a potential for an upside breakout, which could lead to a shift toward a bullish trend if key resistance is breached.

Notably, Shiba Inu trades at 0.000009946, representing a 1% decline over the past day and month. Despite an 11% surge in the last week, the memecoin has been on a downward slope, recording a 61% decline in the past year. 

Shiba Inu Faces Resistance at Two Trendlines

As observed on the SHIBUSDT chart, the price has been undergoing a significant correction, consistently hitting resistance at two descending trendlines. Shiba Inu first broke below the second trendline in late January when it collapsed below $0.00002043. Since then, it has persistently attempted to break back above the trendline.

However, each time the price approached these trendlines, a sell-off occurred due to the rejections. On May 12, Shiba Inu approached the trendline, but faced rejection at $0.00001767. In July and September, it also faced resistance at 0.00001579 and 0.00001414, respectively.

Notably, MMBT Trader noted that the immediate resistance is the first, which now sits at $0.00001270 and has repeatedly rejected upward price movements. The second, higher trendline, at $0.00001933, remains a significant obstacle that the price has yet to test in recent times. 

Potential for Upside Breakout

Despite the ongoing downtrend, MMBT Trader’s analysis suggests that SHIBUSDT could be on the verge of an upside breakout. The first step in this scenario would be a decisive break above the first trendline. For Shiba Inu to reach this resistance level, currently at $0.00001270, it will require a 27.69% increase from the current price level.

According to the analyst, once SHIBUSDT reaches the second trendline, a consolidation period may follow. This period would allow the market to digest the breakout and solidify the price action.

Following this consolidation, a breakout above the second trendline at $0.00001933 could trigger a significantly stronger bullish trend, potentially leading to a sustained upward movement. Notably, it would take a 94.3% surge from the current level to reach this second trendline. 

Analysts Predict Shiba Inu’s Move

Notably, a prominent Shiba Inu trader, Shib Knight, highlighted a bullish outlook, showing the token’s gradual accumulation and the formation of a symmetrical triangle pattern. This technical formation suggests that SHIB is nearing a breakout from its current low range, which could propel it to higher prices.

Meanwhile, predicting the next move for the token, Javon Marks earlier suggested that SHIB has likely broken out of a crucial accumulation phase, with a potential 200% move. This could push the price back towards resistance levels around $0.000032. Also, Marks earlier forecasted this level in July. 

Additionally, MMBT Trader, while predicting the token’s move in September, noted a massive gain, with three profit-taking targets identified. These include 164.8%, 236%, and 460% rallies from the $0.00001 and $0.000006 support levels.