Shiba Inu (SHIB) Holds Breakout as Price Targets 450% Upside Potential

• SHIB has maintained its 2022 breakout, continuing its uptrend in spite of recent volatility in the market and dips in its prices.
• Critical resistance points are at $0.00001550-$0.00001600, with a breakout likely sending SHIB towards $0.00001800
• Relative Strength Index (RSI) and Stochastic RSI are both signaling bullish sentiment in the event that buying power accelerates above key thresholds.

Shiba Inu (SHIB) maintains its breakout from 2022 towards the beginning of 2023, with prices in a healthy position in spite of recent volatility. The breakout pattern is intact according to analysts, with a long-term target at $0.000081, a 450%+ jump.

Analyst Perspective on SHIB’s Potential

Crypto trader Javon Marks (@JavonTM1) highlights that SHIB breakout remains intact with a high probability of moving towards higher prices. The market structure is a key consideration in SHIB heading towards $0.000081.

Mark refers to SHIB holding above key support levels as a key consideration in its next move. A failure to do that can lead to a retest at lower price points. But holding above resistance can lead to more upside.

Market Trends And Major Levels

SHIB/USDT is in a bearish trend on its daily graph, having recently gone below a key level of support. A bounce from a lower trendline is a likely possibility that is suggestive of a short-term bounce. The level of key support is $0.00001310, with a decline from that level sending SHIB towards $0.00001200.

Between $0.00001600 and $0.00001550 is resistance, a level that is a former support level that is also a barrier. A breakout above that level can take SHIB towards $0.00001800. Being above key resistance points will be a signal that bullish sentiment remains.

Technical Indicators and Current Price

The Relative Strength Index is at 40.38, which reflects weak momentum. A break above 50 will reflect growing buying interest. The Stochastic RSI at 49.23 reflects a rising crossover, which is a signal that a reversal in momentum is likely. A crossover above 50 will reflect growing buying interest.

SHIB is at a critical level at which a breakout above resistance will be followed by additional upside. The cryptocurrency was trading at $0.00001466 at the time of writing, having increased 3.52% in 24 hours although it is 5.10% down in a week.