Analyst Sees Shiba Inu Cracking $0.001, Here’s the Breakout Timeline
thecryptobasic.com 12 h Krao, a TradingView analyst, remains bullish on Shiba Inu, predicting that the meme coin could hit $0.001 within the next few months.
He expects this ambitious rally to occur following a breakout from a multi-month descending trendline that has prevented SHIB from recording a massive uptrend since 2021. If the breakout rally materializes, Shiba Inu’s price would skyrocket by 7,379% from its current level.
Shiba Inu Potential Breakout
A monthly chart shared by Krao indicates a long-term descending trendline that has kept SHIB under pressure since late 2021. After peaking in October 2021 at the all-time high of $0.00008854, Shiba Inu collapsed along with the broader market.
Following a recovery course, the meme coin slipped into a consolidation period. This period featured a series of lower highs and relatively flat movement between a low of $0.000005 and a high around $0.00003. The extended period of low volatility suggests SHIB may be gearing up for a massive move.
Krao’s chart also presents resistance formed along the descending trendline. The analyst anticipates a breakout through this trendline from January to February 2025. Interestingly, his target for this breakout is the psychological milestone of $0.001, a 7,379% increase from current levels.
Moreover, Shiba Inu volume, though volatile, has largely leveled off, and the monthly RSI hovers around neutral. This suggests that SHIB is neither overbought nor oversold.
While it may take time for momentum to build, Krao’s prediction focuses on the coin breaking through its descending wedge structure. Market analysts often associate this pattern with reversals or strong breakouts.
Short-Term SHIB Movements
Meanwhile, on the daily chart, Shiba Inu is currently forming a smaller symmetrical triangle. With prices converging following the fall from the $0.00008845 peak, the coin is nearing a decision point.
The green trendlines on the daily chart show tightening price action, with the support level forming higher lows and the resistance level creating lower highs.
This symmetrical triangle shows a battle between buyers and sellers, but neither side has gained dominance yet. However, symmetrical triangles tend to resolve in the direction of the prevailing trend, which, given the preceding downtrend, may suggest further downside pressure.
However, if the bulls can muster enough strength to push SHIB through the upper resistance, a short-term breakout could be on the cards.
Notably, Shiba Inu is currently hovering around the pivot level (P) of $0.00001337. If the price breaks above the first resistance (R1) at $0.00001562, it could signal bullish momentum.
Nonetheless, if SHIB fails to clear this resistance, it could slide toward the support levels around S1 ($0.00001154) and S2 ($0.00001028). This makes the $0.000015 range a critical area to watch.
