Shiba Inu is poised for a surge near its yearly high as technical analysis indicates a breakout of an uptrend in price.
In the last Shiba Inu NewsThe dog-themed meme coin could target a bullish push towards higher prices imminently. However, following a broader market slowdown, it must stave off the bearish dynamics prevalent around its ecosystem.
As a reminder, Shiba Inu recorded its third consecutive weekly downward trend, but with a slight correction compared to previous weeks. The leading meme coin closed last week down 1%, having failed to maintain earlier bullish momentum that saw it reach an intra-week high of $0.00002408.
Shiba Inu breaks out of its bullish structure
A recent Rose Premium analysis indicates that Shiba Inu could regain bullish momentum and rebound from the latest decline. The comment noted a potential violation above a descending channel within 1 day.
The market speculator attached a chart suggesting a possible breakout of the channel, which began to form at local top at $0.00003343 early December. During this breakout, Rose Premium shared three price targets for Shiba Inu, including a short, medium and long term target.
Meanwhile, analyst expects Shiba Inu to encounter resistance to $0.00003236 with the initial upward trend. A break of the resistance will lead to further increases to the intermediate supply zone at $0.00003870.
In addition, Premium Pink claimed that the long-term objective of the descending triangle breakout is an upside up to $0.00004349. However, he said the nearly 100% price rise would come true if intense bullish momentum captured the market.
Support Levels to Watch
Meanwhile, Rose Premium indicated support levels to watch if Shiba Inu continues its downtrend. It marked the 0.618 Fibonacci level at $0.00002230 as a potential demand zone and the 0.786 extension at $0.00002170 as a stronger support level.
Notably, support at $0.00002230 failed to hold as Shiba Inu continued to decline. However, the second largest coin in terms of market capitalization found comfort in the $0.00002170 demand zone.
Additionally, Shiba Inu could bounce out of the zone if the demand zone continues to protect against further downtrends. Meanwhile, SHIB is trading at $0.0002173, up 1.73% in the last 24 hours.
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