• Shiba Inu shows potential breakout from descending channel pattern
  • Analyst identifies three key price targets up to $0.00004349
  • Critical support holds at $0.00002170 Fibonacci level

Despite recording its third consecutive weekly decline, Shiba Inu shows signs of potential trend reversal as technical analysis reveals a promising breakout pattern. The meme cryptocurrency’s recent price action, while bearish on the surface, may be setting the stage for a significant upward movement according to respected analyst Rose Premium.

The Shiba Inu Breakout Scenario

The current market structure centers around a descending channel that began forming after SHIB touched $0.00003343 in early December. The potential breach of this pattern has caught the attention of technical analysts, who see it as a possible catalyst for renewed upward momentum.

Technical Analysis of $SHIB /USDT Chart:

The price is trading at 0.00002230 USDT, with a slight drop of -2.76%.
Fibonacci Levels:

0.618 Level at 0.00002230: Acts as a potential support level.
0.786 Level at 0.00002170: Represents a deeper support zone.

0.00003265: Short-term… pic.twitter.com/W28z5pQZnh

— Rose Premium Signals 🌹 (@VipRoseTr) December 28, 2024

According to Rose Premium’s analysis, this breakout could trigger a series of price targets, with the most ambitious suggesting a nearly 100% appreciation from current levels.

The analysis identifies three distinct price objectives: an initial resistance at $0.00003236, followed by an intermediate target at $0.00003870, and an ambitious long-term goal of $0.00004349. These levels represent significant technical and psychological barriers that, if breached, could confirm the strength of the potential breakout.

While SHIB currently trades at $0.0002173, showing modest 24-hour gains of 1.73%, the more significant story lies in its interaction with key Fibonacci support levels. The token has found stability at the 0.786 extension ($0.00002170) after breaching the 0.618 level ($0.00002230), suggesting that buyers remain active at these critical technical junctures.

This confluence of technical factors – the channel breakout potential, clearly defined resistance levels, and strong Fibonacci support – creates an intriguing setup for SHIB as it attempts to reverse its recent downward trend and potentially challenge previous highs.