Shiba Inu Aims to Break $0.000025 Resistance for Potential 53% Surge
An analyst has indicated that Shiba Inu could initiate a rally to $0.000037 if it surpasses the $0.000025 resistance level.
Shiba Inu Is Currently Trying To Break Past The $0.000025 Resistance
Analyst Ali Martinez recently discussed a pattern forming in SHIB's price on X. The accompanying chart illustrates the technical analysis (TA) pattern.
The chart shows Shiba Inu consolidating within a bull pennant. This pattern consists of three elements: a pole, a triangular consolidation channel, and a breakout. The pole represents an initial sharp trend, while the pennant indicates price movement between converging trendlines. The upper line typically serves as resistance, and the lower line as support. A breakout from either line suggests a continuation of the existing trend.
Shiba Inu is nearing the apex of this bull pennant, suggesting a potential breakout may occur soon. If the breakout is upward, SHIB could rise to approximately $0.000037, indicating a potential increase of over 53% from its current price. However, Shiba Inu must first overcome the $0.000025 resistance level.
This level aligns with the upper pennant line and represents a significant on-chain demand zone. As noted by Martinez, around 40,000 addresses acquired a total of 54.6 trillion tokens at an average price of $0.000025.
Investors who purchased at this level may be holding their assets at a loss, leading to potential selling pressure when SHIB retests this price point. Such selling could amplify the resistance encountered in breaking past $0.000025.
SHIB Price
Currently, Shiba Inu is trading at approximately $0.000024, reflecting a nearly 4% decrease over the last week.
