Shiba Inu Breaks from Multi-Month Channel: Analyst Predicts 154% Rally to $0.0000328

Shiba Inu has shown bullish prospects, with analysis highlighting an uptrend continuation to retest its December price highs.

The prominent meme coin has rebounded 19% from its intra-month low of $0.00001082, suggesting strong bullish momentum. TradingView analyst Asadrizvi identified the zone as strong support and the lower boundary of its multi-month descending price channel.

The channel, which has been forming since Shiba Inu’s December high of $0.00003343, has contained the token’s price. SHIB has trended downwards in lower highs and lower lows, with its price action getting tighter within the wedge.

Interestingly, SHIB broke from the channel following the 19% rebound, and the analyst has shared possible resistance levels ahead.
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Upsides for Shiba Inu?
Per the TradingView analysis, SHIB’s break from the channel could spur more price upsides. Asadrizvi suggested that the first target in the asset’s path to higher prices is a surge to $0.000015, followed by a push to $0.000020.

However, the commentary highlighted that the path to $0.000020 is packed with resistances, specifically from exponential moving averages. The 200 EMA, 100 EMA, and 50 EMA trends above prices, acting as potential supply walls. Meanwhile, the analysis stated a break above these indicators would signal a bullish reversal, driving prices higher.

Ultimately, the market watcher predicted a 154% rally to $0.0000328, an area he labeled a “weak high.” The price level is near SHIB’s December high of $0.0003343, a notable resistance level that impeded further upsides during the meme coin’s bullish rally last year.
Correlating Bullish Prediction
Prominent analyst MMB Trader also shares a bullish stance on Shiba Inu, the second-largest meme coin by market cap. In an analysis yesterday, the commentator predicted a substantial upward price reaction as SHIB approaches the major daily support between $0.0000050 and $0.000010.

While the meme coin has reacted from the area, his TradingView commentary suggested a continued upside to $0.00002562. Meanwhile, the market analyst noted that Shiba Inu might be range-bound for one or two months before breaking out to higher prices.

An accompanying chart shows that SHIB could surge to a high of $0.00003514 following the breakout. Notably, the price mark lies 171% away from the asset’s current price of $0.00001297.

Moreover, bullish network activities such as increased token burns and whale accumulations could further catalyze the predicted surge. A recent report shows that long-term holders have increased their Shiba Inu stash to an all-time high of 786.24 trillion SHIB, showing confidence in the asset’s potential despite its recent decline.