#Shiba Inu Short-Term Target at $0.00003265, Long-Term at $0.00004349
Shiba Inu is poised for an upswing near its yearly high, as technical analysis indicates a breakout from a bullish price pattern.
Shiba Inu recorded its third consecutive weekly downtrend, but with a mild correction compared to the previous weeks. The leading meme coin closed last week with a 1% drop, failing to sustain an earlier bullish momentum that saw it hit an intra-week high of $0.00002408.
Shiba Inu Breaks Out from Bullish Structure
A recent analysis from Rose Premium indicates that Shiba Inu could regain bullish momentum and rebound from the latest dip. The commentary cited a potential breach above a descending channel in the 1-day timeframe.
Attached a chart suggesting a possible breakout from the channel, which started forming at the local top at $0.00003343 in early December. With the breakout.
Meanwhile, the analyst expects Shiba Inu to meet resistance at $0.00003236 with the initial uptrend. A breach of the resistance will spur further upsides to the intermediate supply zone at $0.00003870.
A long-term target from the descending triangle breakout is a surge to $0.00004349. However, he stated that the nearly 100% price uptick would actualize if intense bullish momentum captured the market.
Support levels to watch if Shiba Inu continues the downtrend. He marked the 0.618 Fibonacci level at $0.00002230 as a potential demand zone and the 0.786 extension at $0.00002170 as a stronger support level.