Shiba Inu Eyes 100% Rally as Technical Analysis Points to Channel Breakout
- Shiba Inu shows potential breakout from descending channel pattern
- Analyst identifies three key price targets up to $0.00004349
- Critical support holds at $0.00002170 Fibonacci level
Despite recording its third consecutive weekly decline, Shiba Inu shows signs of potential trend reversal as technical analysis reveals a promising breakout pattern. The meme cryptocurrencys recent price action, while bearish on the surface, may be setting the stage for a significant upward movement according to respected analyst Rose Premium.
The Shiba Inu Breakout Scenario
The current market structure centers around a descending channel that began forming after SHIB touched $0.00003343 in early December. The potential breach of this pattern has caught the attention of technical analysts, who see it as a possible catalyst for renewed upward momentum.
According to Rose Premiums analysis, this breakout could trigger a series of price targets, with the most ambitious suggesting a nearly 100% appreciation from current levels.
The analysis identifies three distinct price objectives: an initial resistance at $0.00003236, followed by an intermediate target at $0.00003870, and an ambitious long-term goal of $0.00004349. These levels represent significant technical and psychological barriers that, if breached, could confirm the strength of the potential breakout.
While SHIB currently trades at $0.0002173, showing modest 24-hour gains of 1.73%, the more significant story lies in its interaction with key Fibonacci support levels. The token has found stability at the 0.786 extension ($0.00002170) after breaching the 0.618 level ($0.00002230), suggesting that buyers remain active at these critical technical junctures.
This confluence of technical factors the channel breakout potential, clearly defined resistance levels, and strong Fibonacci support creates an intriguing setup for SHIB as it attempts to reverse its recent downward trend and potentially challenge previous highs.
Read more: https://thenewscrypto.com/shiba-inu-eyes-100-rally-as-technical-analysis-points-to-channel-breakout/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
