According to an expert analysis, Shiba Inu will continue its current sideways trend until it breaks above these key resistance areas.
Specifically, market expert MMB Trader shared this outlook in a recent TradingView analysis, coinciding with a persistent market correction. The downtrend saw Shiba Inu correct 4.5% in the past 24 hours, bringing its year-to-date (YTD) retracement to 62.9%.
Shiba Inu Must Break Above This Level
Notably, MMB Trader proclaimed Shiba Inu dead unless it breaks above crucial resistance levels.
For context, SHIB is approaching a key weekly support level around $0.0000060 amid price weakness. However, the analyst sees this low price as a good buying opportunity, highlighting a bullish technical structure.
Specifically, his Shiba Inu price prediction expects a 5x to 7x rally from current levels. But, for that to occur, Shiba Inu has to make a decisive move above two key resistance levels.
An accompanying chart shows that they are both descending resistance trendlines above the $0.000010 former support level. The first supply zone lies around $0.00001165, which is 51% away from the current market price.
If this breaks, the second and most crucial resistance level that Shiba Inu needs to defy is the $0.000014 area. The analyst emphasized that doing so would validate a bullish reversal for the meme coin and kickstart the next upward phase.
Heavy Pump Targets
Furthermore, the analysis highlighted the targets for the upcoming heavy pump if Shiba Inu breaks above this area. The chart shows that the first target is a 337% uptick to $0.00003364, aligning with the December 2024 high.
The second target is $0.00005480, representing a 611% growth, while the ultimate target is a 903% increase to $0.0000773.
Remarkably, the analyst has remained consistent in his prediction that Shiba Inu could still recover to $0.0000773 but must first revert its current bearish state. In September, he highlighted the support at $0.000006 as the area where SHIB could finally receive momentum for this impulsive uptrend.
Interestingly, it is slightly lower than analyst Javon Marks’ target of $0.000081. Marks cited sustained breakout and bullish divergence as factors that would spark this SHIB resurgence.
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.
