Shiba Inu (SHIB) is poised for a possible bullish breakout as it approaches a significant resistance level, with signs of a promising setup.
Crypto trader and investor Crypto Rand suggests that SHIB is gearing up for a potential breakout, emphasizing the importance of the “bullish pennant confluence on the horizontal resistance.” Shiba Inu maintains a positive price range, having recorded a modest 0.87% overnight growth, bringing its price to $0.000008167.
Shiba Inu Battle with a Dominant Resistance Level
As per Crypto Rand’s analysis, Shiba Inu appears to have the ideal conditions for a significant upward movement. This assessment is based on a chart illustrating SHIB’s price trajectory since the beginning of the year.
Despite showing strength, SHIB’s current price remains below its previous peak of over $0.000015, achieved in February. The token saw a decline from this high, reaching a low of $0.000006555 in mid-June. Notably, this price level served as a crucial support that facilitated a rebound for the token.
The rebound encountered a substantial resistance level at $0.000008, and after hovering around this point from late June to early August, a breakout eventually occurred, propelling the price to $0.00001071. This breakout coincided with the excitement surrounding the launch of Shibarium by the Shiba Inu team.
However, a hiccup in the performance of the layer-2 scaling solution led to a selloff, causing SHIB’s value to drop back to the mid-June low of $0.000006555 on October 19. If historical patterns hold true, Shiba Inu may potentially eliminate another zero in its price, testing the $0.00001 level once again. Should the token also break through the $0.000008 resistance zone, establishing a breakout candle could provide further support for this optimistic bullish scenario.
Maintaining Optimism Amid Shiba Inu Growth
Significantly, the Shiba Inu ecosystem remains highly optimistic, with a focus on retesting the $0.00001 level being a primary objective for SHIB whale holders. While short-term goals are in place, the broader Shiba Inu ecosystem holds a positive long-term outlook, with a $0.01 price target.
The introduction of Shibarium is a catalyst that could drive demand toward achieving this ambitious price goal. Supporters believe that reaching this target will require a combination of internal and external factors, potentially extending to the approval of a Bitcoin spot ETF in the United States.