Shiba Inu Targets $0.00004807 and $0.00007078 if Resistance is Surpassed, Analyst Says

Shiba Inu has experienced a significant downturn over the past month, with its 30-day performance declining by 29.6%. The downtrend signals sustained selling pressure, though long-term holders have still recorded gains. 

Over the past year, the asset has risen by 65.4%, indicating that despite short-term volatility, investors who held for an extended period maintain notable returns.

Meanwhile, its 7-day and 14-day gains of 0.5% and 7.4%, respectively, suggest signs of potential consolidation. However, a 1.5% drop in the past 24 hours highlights ongoing market uncertainty.

Amid the fluctuation, a TradingView analysis has identified critical price levels that could determine Shiba Inu’s next movement.
Shiba Inu Targets to Watch 
According to the analysis, breaking the asset’s downtrend requires surpassing the $0.00001856 resistance level. Failure to do so may sustain bearish pressure. 

The analysis also points to a potential death cross formation near the $0.00001916 level on the daily time frame, a development that could trigger a deeper downtrend. However, the risk of a death cross diminishes if Shiba Inu closes a strong candle above $0.00002123 on the 8-hour chart.

The analyst also outlined potential price targets for the next two months. In a bullish scenario, Shiba Inu could reach $0.00004807 and $0.00007078. Conversely, in the event of a market correction, the asset may decline to $0.00001028.

Additionally, Shiba Inu’s performance remains closely linked to Ethereum’s price action. Per the analyst, a sustained uptrend in Ethereum may provide bullish momentum for Shiba Inu.
SHIB Breakout Potential
A separate analysis from Javon Marks presents a more optimistic projection for Shiba Inu’s price trajectory. The assessment indicates that the asset has broken out of a Falling Wedge pattern, a formation often associated with bullish reversals. If the pattern holds, the breakout could result in a significant price increase.

According to Marks, Shiba Inu could experience a rally of 422%, which would push its value to $0.00008841. This level would mark a new all-time high, surpassing previous peaks.