Shiba Inu (SHIB) is showing strong bullish momentum, with some analysts predicting a massive 264% increase in its price. SHIB’s optimism stems from a “significant breakout” and several key technical indicators pointing to a continuation of the uptrend.
Cryptocurrency analyst Marks recently shared a detailed chart analysis of X, highlighting a breakout above a significant resistance level. SHIB is currently priced at $0.00002221, with Marks’ forecast target at $0.000081.
Technical Analysis Supports Shiba Inu's SurgeMarks' analysis suggests that Shiba Inu is on the verge of a strong uptrend. The chart clearly shows that SHIB has broken through a key resistance level, which often signals a new bull trend. The breakout was further supported by the price retracing and retesting the broken resistance level, a common signal of strength before a sustained market rise. Bullish Indicators Across Time FramesMultiple technical indicators reinforce the bullish outlook for SHIB. Shorter time frames show that bullish momentum is continuing, with key support levels holding firm during the recent pullback and buying pressure increasing around these levels.
SHIB/USD Daily Price ChartThe RSI is moving up from the oversold zone, indicating a possible shift to bullish sentiment. Meanwhile, the MACD shows that bearish momentum is waning, further suggesting that a bullish crossover could be imminent. Key Price Levels and SentimentShiba Inu’s recent share price action highlights its potential for a significant upside. At press time, SHIB was priced at $0.00002266, up around 4.46%, showing signs of a potential trend reversal. The $0.00002100 and $0.00002000 support levels are crucial as they have held during the recent pullback. In terms of resistance, SHIB faces an immediate resistance at $0.00002300, with the next major resistance level at $0.00002500
