Market analyst Crypto Jack has claimed that Shiba Inu will experience an upside explosion if the token breaks free from a crucial price structure.
Shiba Inu had a strong performance earlier in the week, hitting $0.00001947 on Tuesday. Its bullish rise allowed it to overtake Avalanche to become the 12th largest cryptocurrency by market capitalization.
However, a global market slowdown on Wednesday triggered a correction in the crypto market, with Shiba Inu also present. facing the heat. As a reminder, the dog-themed meme coin is down 6.40% over the past 24 hours, giving up all of its weekly gains at the latest retracement..
Meanwhile, market analyst Crypto Jack has identified a significant price structure that opposes Shiba Inu’s explosive uptrend, arguing that the top-ranked meme coin will rise significantly if it breaks the trend.
Analyst Shows Main Hurdle to Shiba Inu Prices
In a Thursday MessageCrypto Jack noted that Shiba Inu falls within a price range. The attached SHIB/USD 1D chart shows that the meme coin began to form the price trend after hitting its three-month high on September 27.
Notably, the $0.000020 to $0.000021 area formed the top of the range, while the $0.000015 area became the lower region. SHIB continues to trade range-bound for over a month now.
Crypto Jack claimed that Shiba Inu must break above the upper limit of the range to “explode higher.” Meanwhile, the analyst’s chart shows that he expects a revision of the lower zone before breaking above the resistance at $0.000021.
An explosive rise after defying resistance
Meanwhile, the market watcher had previously identified the $0.000021 resistance as a must-have violation for sustained Shiba Inu upside. In a previous reporthe noted that if SHIB breaks above the supply zone, the next stop would be around $0.000027.
Additionally, Crypto Sheriff analyst wait The next stop for Shiba Inu will be around $0.0002 after breaking through the resistance. The famous market speculator was also targeting an ambitious rise to $0.001, representing an increase of over 5,400% from the current market price.
Notably, Shiba Inu is currently trading at $0.00001745 at press time, down almost 2% over the past seven days and 20.3% from Crypto Jack’s higher price.
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