The popular memecoin Shiba Inu (SHIB) could see significant upside ahead based on its recent price action. According to crypto analyst Captain Faibik, SHIB looks poised for a rally up to 2x its current value if key support holds.
In a recent tweet, Faibik shared a 3-day chart of SHIB showing the token has broken out above a major downtrend line in place since 2022. Since SHIB’s surge in October 2021, it has continued to crash, making various sideways and downward trends.
Now, SHIB appears to be making a trend change after breaking this long-term resistance level around $0.000008. Faibik notes it is currently undergoing a “retest” of support around this former downtrend line.
Holding above the trendline is critical for SHIB to confirm the breakout. If successful, Faibik believes SHIB could then stage a significant rally up 100% or more from the current price. This will take SHIB back toward this year’s high of around $0.000016.
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With the crypto market weak lately, a SHIB decoupling would be noteworthy. But the memecoin has carved out its own narratives before, attracting speculative interest. If the retest succeeds, SHIB could be one of the best performers in altcoins into mid-December. The chart signals the potential, but holding key support remains the crucial test ahead.
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