SHIB Breaks Above Long-Term Resistance, Targets Higher Levels

• Analyst has spotted a developing uptrend for Shiba Inu.
• According to the analyst, SHIB has broken a significant resistance.
• The analyst predicts a long-term rally for SHIB with an initial target of $0.000022.

Shiba Inu trader, identified as SHIB KNIGHT on X, has spotted a developing uptrend for the meme coin. In a recent post, the trader and technical analyst showed SHIB is sitting on notable support after retracing from a significant pump.

Judging from SHIB’s historical trends and current price behavior, the analyst identified the potential crucial price levels going into the future. According to SHIB KNIGHT, Shiba Inu’s projected targets to the upside include $0.00001050, $0.00001067, and $0.00001096.

For a retracing market, SHIB KNIGHT expects Shiba Inu to find support at $0.00001021, the price at the time of his post, $0.00001013, and $0.00001002. The analyst shared a chart to illustrate his SHIB price targets and projections.

It is essential to note that SHIB KNIGHT predicted a break above a significant SHIB resistance barely 48 hours before it happened. On February 25, the analyst shared a picture of SHIB’s weekly chart, identifying some notable developments. In his analysis, SHIB KNIGHT highlighted multiple events where SHIB attempted to break above resistance since August 2022.

Despite failing to break above resistance, SHIB KNIGHT noted that the memecoin started forming higher lows since June 2023. According to the analyst, SHIB could break above the resistance, with the initial target set at $0.000022, considering prevailing market conditions. The analyst further noted that the price could rally higher, considering the breakout is on the weekly chart.

SHIB traded for $0.00001034 at the time of writing, according to data from TradingView . The price remained within SHIB KNIGHT targets, reflecting upward momentum that could see the flagship meme coin follow through with the analyst’s predictions.