- Shiba Inu (SHIB) is eyeing a 179% price rally, targeting $0.000081 after breaking through key resistance levels.
- With a recent breakout and higher lows forming, SHIB is poised for continued upward movement.
- As SHIB rises by 13.08% in 24 hours, the coin looks set to challenge new resistance levels for further growth..
Shiba Inu (SHIB) has indicated a major uptrend in recent days, which has brought crypto enthusiasts’ attention back to the asset. In a recent X article, Javo Marks highlighted a very clear reaffirmation of an uptrend for SHIB. He noted that the coin appears poised to see further upside potential, aiming to reach $0.000081. This resistance level is quite high and Marks indicates that a 179% price rise could be possible.
Shiba Inu breaks the resistance
This analysis shows that SHIB has several bullish signals as presented in this analysis. The cryptocurrency was able to close above important resistance levels, indicating that the uptrend will likely persist for the near future. The recent breakout suggests that buy order accumulation is healthy and if Shiba Inu coin continues to trade in this path, the $0.000081 target will likely remain achievable.
The price charts also indicate that the downtrends are very well defined in this case. Based on the retest of key support levels, SHIB has started to rise again, forms higher lows and therefore could enter an uptrend. The recent breakout on the daily chart is significant as it is consistent with previous price gains in SHIB’s history.
Bullish market dynamics
Nonetheless, the focus on Shiba Inu has been on the token’s recent performance among retail and institutional investors. The coin’s potential to continue the uptrend will greatly depend on its ability to trade above important support levels as well as break through important resistance levels. At the time of writing this article, SHIB is at $0.00003061up 13.08% in the last 24 hours.
Source: TradingView
Shiba Inu is still optimistic, and he could take over upward momentum to $0.000081, which would represent a 179% increase from its current value. The risks are there, but the coin’s recent performance as well as technical analysis indicates more gains in the near future. Investors should wait for confirmation of the breakout and pay attention to market trends as SHIB attempts to push towards new prices.