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An analyst within the Shiba Inu community recently predicted that the meme coin could push back towards a high of around $0.000022 soon. The call comes even amidst SHIB’s slow activity over the past few weeks.
Shiba Inu has struggled below the $0.00001 range reached briefly this month after staging a muted 1% bounce over the last 24 hours. Prices currently hover around $0.000009483 as bears retain control over its recent price action.
However, analyst “SHIB Knight” showcased unwavering confidence via X that SHIB has a pivotal breakout brewing based on a reevaluation of charts and patterns.
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Could SHIB hit $0.000022 soon?
The analyst highlighted how the current price area has capped SHIB dynamically since August 2022, preventing sustained rallies. However, upon reviewing weekly timeframe data, a tightening price structure looks to have formed, with SHIB carving out regular higher lows.
This appeals to the analyst who remarked, “It is close to breaking the resistance this time.” Unlike previous upswings that led nowhere fast this year, he believes existing chart patterns signal high odds of SHIB besting stubborn resistance over the coming months.
An initial upside projection calls for a 131% rally from the current $0.00000948 price to retest the $0.000022 level. More importantly, according to Knight, breaking past this barrier opens up further upside extensions thereafter.
Also read: Ripple Could Hit $7 If XRP Does This: Analyst
If Knight’s conviction around the brewing SHIB breakout plays out with a weekly close broadcasting the long-awaited capitulation, FOMO could ignite substantial upside velocity. The 128% move would require conquering resistance that thwarted buyers repeatedly across nearly two years now.
However, should selling pressure abate enough for this milestone to materialize, history shows meme coins like Shiba Inu can shock critics.
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