Shiba Inu (SHIB) is capturing the crypto market's attention as its weekly chart reveals a potential bullish breakout above the Ichimoku cloud.
In recent weeks, the price of Shiba Inu has been discouraging, lagging behind its peers in the meme coin market. SHIB is currently trading at $0.00002531, recording only 35% gains in the last four weeks.
Meanwhile, Dogecoin has surged by 143% during the same period, while PEPE has seen an impressive 105% monthly gain despite trading 22% below its most recent all-time high.
Notably, Dogecoin has been trading at price levels that were last seen during the peak of the previous bull season. Shiba Inu, however, is still working to recover from its eight-month-long downtrend. Nonetheless, analysts are watching for indicators that suggest a significant move for SHIB is imminent.
Shiba Inu Ready to Break Ichimoku Cloud
Technical analyst Cantonese Cat believes SHIB is on the verge of breaking above the weekly Ichimoku Cloud, which could signal the start of a strong uptrend after its prolonged period of lackluster price action.
The Ichimoku Cloud represents critical resistance and support zones. Shiba Inu hovers near the cloud's upper boundary, a level traders consider a key inflection point.
A decisive close above the cloud on the weekly timeframe could confirm bullish sentiment, potentially attracting fresh buyers and driving the price toward higher levels.
Potential SHIB Targets
Should the breakout occur, the analysis identifies $0.00003100 as the immediate resistance level for Shiba Inu to overcome. Successfully reclaiming this level could set the stage for a move toward the $0.000037 region, last seen in March.
Beyond that, Shiba Inu may target its yearly high of $0.000045 and potentially reclaim previous peaks from 2021, preparing it to finally push for an all-time high.
Shiba Inu chart by Cantonese Cat
Other Bullish Forecast for SHIB
Other analysts have also shared optimistic views on Shiba Inu based on different technical indicators.
The analyst behind the InvestingHaven platform recently pointed out that a price of $0.0000555 remains attainable for Shiba Inu before the end of the year, citing Fibonacci retracement levels.
Meanwhile, data analyst "CW" suggests that Shiba Inu is forming a triangle convergence with its eight-month-long downtrend. According to him, a breakout above this pattern could propel SHIB to an all-time high of $0.00038.
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