Shiba Inu (SHIB) is attracting attention from the crypto market as its weekly chart reveals a potential bullish breakout above the Ichimoku Cloud.
In recent weeks, the price of Shiba Inu has been discouraging, lagging its peers in the meme coin market. SHIB is currently trading at $0.00002531, recording just 35% gains over the past four weeks.
Meanwhile, Dogecoin surged 143% over the same period, while PEPE recorded an impressive monthly gain of 105% despite trading 22% below its most recent all-time high.
Notably, Dogecoin is trading at price levels that were last seen at the height of the previous bull season. Shiba Inu, however, is still struggling to recover from its eight-month downward trend. Nonetheless, analysts are monitoring indicators that suggest a significant move for SHIB is imminent.
Shiba Inu ready to break the Ichimoku cloud
Cantonese Cat Technical Analyst believes SHIB is on the verge of breaking above the weekly Ichimoku cloud, which could signal the start of a strong uptrend after its extended period of lackluster price action.
The Ichimoku cloud represents critical areas of resistance and support. Shiba Inu is hovering near the upper limit of the cloud, a level that traders consider a key inflection point.
A decisive close above the cloud on the weekly timeframe could confirm the bullish sentiment, potentially attracting new buyers and pushing the price towards higher levels.
Potential targets of SHIB
If a breakout occurs, the analysis identifies $0.00003100 as the immediate resistance level that Shiba Inu must overcome. Successfully reclaiming this level could pave the way for a move towards the $0.000037 region, last seen in March.
Beyond that, Shiba Inu could aim for its yearly high of $0.000045 and potentially reclaim previous 2021 highs, setting it up to finally hit an all-time high.
Other Bullish Forecasts for SHIB
Other analysts have also shared optimistic opinions about Shiba Inu based on different technical indicators.
The analyst behind the InvestingHaven platform recently underlines that a price of $0.0000555 remains attainable for Shiba Inu before the end of the year, citing Fibonacci retracement levels.
Meanwhile, data analyst “CW” suggests that Shiba Inu is forming a triangular convergence with its eight-month downtrend. According to According to him, a break above this trend could propel SHIB to an all-time high of $0.00038.
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