[Traders predict Shiba Inu breakout could trigger 130% surge to $0.00005]
Analyst SHIB KNIGHT predicts that SHIB could surge to $0.00005 if a breakout is confirmed on the weekly chart. The chart he provided shows a descending triangle pattern, with SHIB approaching its apex and a potential breakout imminent. This suggests that an upward move could occur if the price breaks above the upper boundary of the triangle.
According to analysts, the post-breakout price target could rise 130.10% from the breakout point. SHIB KNIGHT stresses the need to keep a close eye on the weekly charts to determine if the breakout is part of a wider trend reversal.
Incoming and outgoing volume around price (IOMAP) analysis shows a large number of addresses buying SHIB below current prices in the $0.000016 to $0.000019 price range, showing significant support levels. Specifically, support levels are strong in the ranges of $0.000016 to $0.000017, $0.000017 to $0.000018, and $0.000018 to $0.000019. Buying interest around these price levels suggests substantial support, which could limit losses if prices fall.
Market analyst Javon Marks also discussed a potential breakout for SHIB, predicting an imminent rise. Marks accurately predicted SHIB's rise to $0.000045 earlier this year and now foresees a return to all-time highs. In his February analysis, he noted that a breakout pattern from a descending channel caused the price to surge. Pointing to hidden bullish divergences and favorable market conditions, Marks suggests SHIB could reach new heights in the upcoming uptrend.
