Despite the broader market’s bullish momentum, Shiba Inu could pull back to retest its breakout point before the next uptrend phase.
Shiba Inu (SHIB) has climbed to the 21st spot in the cryptocurrency ranking by market cap, following its recent bullish push. The prominent meme coin has increased by over 5% in the past 24 hours, following a broader market trend.
Despite the glaring bullish momentum, analyst EhsanZeydabadi pinpointed a possible pullback in the price of Shiba Inu. He shared this in his recent TradingView post, highlighting potential levels to watch.
Shiba Inu to Retest Breakout Level
Meanwhile, the market commentator noted that Shiba Inu broke out of a descending resistance trendline on September 28 when it rallied to a high of $0.00001203. Shiba Inu has been trending below this supply line since the high of $0.00001484 on September 13, before the outburst on the 4-hour timeframe.
Following the breakout was the recent rally to an intraday high of $0.00001270 today. Meanwhile, Shiba Inu has yet to retest the structure breakout, and the market watcher expects the token to do so soon.
In his Shiba Inu price prediction, he asserted that SHIB would pull back to the breakout level, highlighted around $0.00001150 in an accompanying chart. This marks an 8.8% decrease from the current market price of $0.00001262.
Bullish Targets After Retest
Notably, a successful retest will set Shiba Inu on the path for more upside. According to the market watcher’s analysis, the meme coin eyes higher targets, one of which is a push to $0.00001280.
The subsequent target is a 7% rally to $0.00001350 before reaching the final breakout target of $0.00001460. Remarkably, the 15.6% target lies close to September’s intramonth high, and a retest will pave the way for higher prices.
Shiba Inu Could Go Way Higher
Notably, commentators are now increasingly speculating on higher prices for Shiba Inu, particularly as October started on a high. This month has been widely known as bullish for the crypto market, and analysts expect Shiba Inu to join the fest.
Moreover, the drop in the amount of Shiba Inu on exchanges adds to this optimism. Exchange reserves for SHIB dropped to a 2-year low, signalling an accumulation sprint among market users, possibly to position themselves for the expected rally.
This, among other factors, fueled the conviction of Shiba Inu community figure YourPOP that the token will surpass $0.00008845 to reach a new all-time high before the end of the year.
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