Shiba Inu now surges past the Ichimoku cloud, which is a key indicator for identifying bullish trends according to analysts.
Shiba Inu (SHIB) has emerged as a notable player in the current crypto market recovery, showcasing impressive momentum.
Today, the cryptocurrency gained 9%, trading at $0.00002261, marking its highest point so far this year.
Despite this upward movement, Shiba Inu remains 22% below its price of over $0.000029 from just a month ago.
This price dip presents a favorable buying opportunity for investors, as analysts anticipate further growth.
Ichimoku Cloud Signals Bullish Trends for Shiba Inu
In a significant technical development, market analyst Cantonese Cat highlighted a crucial phase on Shiba Inu’s two-week chart.
The token has recently broken above the Ichimoku Cloud, a key indicator for identifying bullish trends.
A similar breakout occurred last month, propelling SHIB to a seven-month high above $0.000033 in December 2024.
However, after this surge, the token underwent a correction, dropping to a low of $0.000018 as the month progressed.
Cantonese Cat confirmed this backtesting process, noting that after surpassing the Ichimoku Cloud’s resistance, SHIB retraced to the cloud’s upper boundary, establishing it as a new support level.
This recent breakout signals renewed bullish momentum for Shiba Inu.
Resistance Levels and Future Price Targets
The top of the Ichimoku Cloud is now functioning as a support zone for Shiba Inu, and analysts believe that maintaining this level could lead to further price increases.
Cantonese Cat identified the next resistance level for SHIB at approximately $0.000026.
If Shiba Inu surpasses this barrier, it could potentially challenge the $0.000033 level once again.
Adding to the optimistic outlook, analyst Javon Marks has set a more ambitious price target for Shiba Inu, forecasting a rise to $0.000081.
This prediction suggests a nearly threefold increase from its current price.
Marks has consistently emphasized this level as significant, noting that it represents where Shiba Inu bulls lost momentum during the 2021 cycle.
Furthermore, Marks is optimistic about Shiba Inu’s long-term prospects, predicting that the token could eventually eliminate a zero from its price, reaching as high as $0.000155.
With Shiba Inu breaking above the Ichimoku Cloud and analysts highlighting key resistance levels, the cryptocurrency is positioned for potential growth.
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Also Read: Shiba Inu Sees A Surge In Popularity Now Welcoming 7,548 New Wallets
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