The TradingView analyst, Krao, has a bullish outlook on Shiba Inu (SHIB), predicting that the meme coin could reach $0.001 in the next few months. Krao believes this rally will occur after a breakout from a descending trendline that has been holding SHIB back since 2021. If the breakout happens, SHIB's price would see a 7,379% increase from its current level. Krao's long-term chart shows the resistance formed along the descending trendline and expects a breakout between January and February 2025. Additionally, the monthly volume and RSI suggest SHIB is neither overbought nor oversold. On the daily chart, SHIB is forming a smaller symmetrical triangle, indicating a battle between buyers and sellers. If the bulls can break through the upper resistance, a short-term breakout could occur. However, if SHIB fails to clear this resistance, it could face further downside pressure. Currently, SHIB is hovering around the pivot level at $0.00001337, and breaking above the first resistance at $0.00001562 could signal bullish momentum.



Other News from Today