Popular meme coin Shiba Inu (SHIB) has been stuck in a trading range for over 15 months now, according to crypto analyst Ali (@ali_charts). Since September 2022, SHIB has been moving within a descending parallel channel, unable to break out in either direction. Currently, the meme coin is testing resistance around $0.000011, which marks the upper boundary of this long-term pattern.
A Decisive Breakout or Rejection Looms
According to Ali, “A decisive weekly close above this level could signal a bullish breakout, propelling $SHIB towards $0.000014.” This would represent a 30% price surge if SHIB manages to cleanly break out of its long-term channel. However, if the meme coin faces rejection at current levels, Ali notes that “we might see a pullback to $0.000008 before the bullish breakout.” This would constitute a nearly 30% crash from the local highs.
So in essence, SHIB is reaching an inflection point after 15 months of directionless price action. The coming weekly close will be crucial and could set the stage for an extended rally or retracement.
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Show more +The Wider Context
The recent price action comes against the backdrop of improving fundamentals and developments for the Shiba Inu ecosystem. Over the past year, the team has launched treats, an NFT platform, released a series of NFT art projects, and rolled out beta products like the long-awaited Shibarium layer-2 network.
So while technicals point to a potential breakout or rejection, the long-term adoption drive continues. The coming months will show whether community enthusiasm translates to a sustained price run, or if technical hurdles keep the meme coin capped despite developments. For now, SHIB remains rangebound, but the current test of 15-month resistance could lead to fireworks.
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