An analyst argues Shiba Inu must break the $0.00001856 resistance level to exit its downtrend and move toward the $0.00004807 and $0.00007078 levels.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 Inus next movement.Shiba Inu Targets to Watch According to the analysis, breaking the assets downtrend requires surpassing the $0.00001856 resistance level. Failure to do so may sustain bearish pressure. SHIB/USDT Price Chart, TradingViewShiba Inu Price Chart, TradingViewThe 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 Inus performance remains closely linked to Ethereums price action. Per the analyst, a sustained uptrend in Ethereum may provide bullish momentum for Shiba Inu.SHIB Breakout PotentialA separate analysis from Javon Marks presents a more optimistic projection for Shiba Inus 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.
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