Shiba Inu (SHIB) might be turning things around after months of falling prices. Lately, it looks like momentum could be shifting, and traders are starting to watch for a possible breakout.
A recent update from TheCryptoBasic suggests SHIB could rally by as much as 50% if it manages to break through a key downward trendline.
For months, the chart shows the SHIB price has been in a clear downtrend, making lower highs along that line. But now, it’s starting to push against it and try to break above.
There is also a visible bounce from a recent low, with price forming a small upward move into resistance. This drawn projection, as shown on the chart, indicates a breakout attempt, followed by a possible continuation towards the upside.
This type of structure is often used to signal a reversal of trends, especially where price is attempting to break through longstanding levels of resistance.
Is the SHIB Breakout Already in Motion?
The tweet highlights that SHIB already broke above a shorter-term “counter trendline” on March 13, after reaching an intraday high of $0.00000630. This move indicates that the buyer is slowly taking control.
With this initial barrier out of the way, the next level to focus on is around the $0.0000070 mark. This level also correlates with a more significant resistance trendline on the daily chart.
If the SHIB price manages to move and stay above this level, it will reinforce the idea of increasing bullish momentum.
Where the 50% Rally Comes From
If the breakout above $0.0000070 happens, the next logical target sits near the $0.000010 level. This is not just a random number, it is a key psychological level and a previous area of interest.
A move from the breakout zone to that level would represent a gain of roughly 50%, which is why analysts are highlighting this scenario.
On a larger scale, it’s also clear from this weekly chart that SHIB’s price is finding support near the lower end of a falling wedge pattern. This is generally a bullish indicator, especially when a price is rising from this area.
Shiba Inu is still not entirely out of its bearish trend, but things are getting more and more intriguing for this cryptocurrency’s price action.
However, it will be more clear when SHIB’s price manages to rise above the resistance level at $0.0000070. If that’s the case, then a move towards $0.000010 will be more feasible, and a 50% move will be more achievable for SHIB’s price.
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