SHIB Confirms Breakout With 10% Surge: Here_s the Next Target (Shiba Inu Price Analysis)

CryptoPotato

2023-08-09 09:22:03

Shiba Inu confirmed its breakout today when the price moved above a key level.

Key Support levels: $0.0000094

Key Resistance levels: $0.0000012

1. Massive Breakout in Progress

SHIB managed to turn the key resistance at $0.0000094 into support and the price has not looked back since. If this momentum continues, then the next significant target is found at $0.0000012.

Chart by TradingView## 2. Bullish Retest

After the price left the ascending wedge, SHIB entered a brief pullback which re-tested the breakout point. This was extremely bullish and buyers rushed to enter into a position once the retest was completed (see chart below).

Chart by TradingView## 3. MACD Momentum Growing

Buyers are picking up speed, and this is shown by the MACD histogram, which is making higher highs at a growing pace. This puts SHIB in a clear bullish trend that may be only starting.

Chart by TradingView## Bias

The bias for SHIB is bullish.

Short-Term Prediction for SHIB Price

With the breakout confirmed, SHIB can now aim for $0.0000012, which is a major resistance level that was last tested in April. As long as the bullish bias remains intact, a test of this level appears likely.

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