A prominent analyst in the Shiba Inu community has forecasted that SHIB could break a 22-month high of $0.000022 soon amid its prolonged stay in the downtrend.
Shiba Inu has shown a bearish trend over the past week, unable to regain the $0.00001 range it attained two weeks ago. The asset now struggles around $0.000009629, seeing barely a 1% gain over the past 24 hours.
Nonetheless, Shiba Inu community market analyst “SHIB KNIGHT” has expressed unwavering confidence about the trajectory the asset could engineer in the coming months.
Shiba Inu Set to Regain $0.000022 Coming Months
SHIB KNIGHT recently took to X to inform community members about a pivotal breakout expected from Shiba Inu soon. The analyst first noted that Shiba Inu’s current market position reflects a resistance point the asset has struggled to overcome since August 2022.
Furthermore, he provided a graph depicting Shiba Inu’s one-week timeframe. It illustrated the historical attempts made by the asset to overcome this resistance.
The analyst highlighted that since June 2023, Shiba Inu has consistently formed higher lows without experiencing significant breakout movements despite the relatively favorable market condition.
However, SHIB KNIGHT now exudes much greater confidence that Shiba Inu will surpass the historical resistance range this season. “It is close to breaking the resistance this time,” the prominent analyst remarked.
$SHIB can't break this resistance since August '22.
You can check the arrows for the breakout attempts.
Chart has been forming higher lows since June '23, and market is really good. It is close to break the resistance this time.
First target is 0.000022. Keep in mind that this… pic.twitter.com/57VuPRcJQ0
— $SHIB KNIGHT (@army_shiba) February 25, 2024
Moreover, SHIB KNIGHT stated that since the observed patterns were identified on the weekly timeframe chart, he argued that the coming months hold promising prospects.
The Shiba Inu analyst indicated that the initial target SHIB enthusiasts can anticipate upon a successful break is a rally toward $0.000022. However, he provided no specific timeline for when the $0.000022 target may materialize.
SHIB to Rally 128.5%
Notably, Shiba Inu was last seen in the $0.000022 territory around April 2022. With SHIB trading at $0.000009629, a move to $0.000022 implies a 128.5% rally. In other words, the analyst expects SHIB to rally 128.5%, surpassing a 22-month high in the coming months.