Shiba Inu breaks above the 2-week Ichimoku Cloud, signaling bullish momentum, as analysts predict a major upsurge.
Shiba Inu ranks among the standout performers in the ongoing crypto market recovery. Today, it has posted a 9% gain, trading at $0.0000228, its highest price so far, this new year.
Meanwhile, at this price, Shiba Inu is still trading at a substantial 22% discount from the above $0.000029 price it sold for a month ago. This presents an optimal buying opportunity even amid the recovery, as analysts have found reasons to believe more upside awaits Shiba Inu.
Ichimoku Cloud Shows Bullish Signal for Shiba Inu
In a tweet today, market watcher Cantonese Cat called attention to a critical technical phase on Shiba Inu’s 2-week chart. The commentator noted that SHIB recently achieved a breach above the Ichimoku Cloud. Notably, a similar breakout last month allowed SHIB to reach a seven-month peak above $0.000033 in December 2024.
However, the token experienced a correction phase after this notable surge, losing much of its recent gains. As December 2024 progressed, SHIB retraced to the levels it had been trading at before the breakout, touching a low of $0.000018.
In his commentary, Cantonese Cat confirmed this backtesting, noting that after climbing past the Ichimoku Cloud’s resistance, SHIB underwent a backtest, where the price revisited the cloud’s upper boundary to confirm it as a new support level. Now, Shiba Inu is breaking out again.
Interestingly, this observation aligns with the views of prominent analyst Javon Marks, who described Shiba Inu’s movement as some “textbook bullish signals.”
Resistance Price and Potential SHIB Cycle Top
The top of the Ichimoku Cloud is now acting as a support zone for Shiba Inu. Analysts believe that holding this level could signal further upside potential.
Specifically, Cantonese Cat’s chart highlighted the next resistance level for Shiba Inu to be near $0.000026. After overcoming this, Shiba Inu could rechallenge the $0.000033 level.
Meanwhile, Marks, in his commentary, made a case for a more compelling price outlook for Shiba Inu. He set a price target of $0.000081 for SHIB, suggesting a potential increase of nearly threefold from the current level.
This price range marks the level where Shiba Inu bulls lost momentum during the 2021 cycle. For much of 2024, Marks has consistently pointed to the $0.000081 level as a target for Shiba Inu.
Additionally, Marks has a more ambitious target for SHIB, predicting that the token could drop a zero and reach $0.000155.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
