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Technical analyst Charting Guy predicts a potential price surge for Shiba Inu, citing successful breakout and backtest signals in the buoyant meme coin market.
Today, the meme coin market is booming, with some tokens creating new all-time highs while others register impressive price surges. Notably, Shiba Inu is benefiting from the buoyant meme coin market, albeit mildly.
At the time of reporting, Shiba Inu has seen a growth of 3.34%, trading at $0.00001793, although its weekly performance remains in cumulative negative territory.
While Shiba Inu’s price action has not been spectacular in the past few days, technical analyst Charting Guy believes the dog-themed meme coin is gearing up for a massive price pump.
Shiba Inu Breakout and Backtest Checked
Taking to X today, the analyst pointed out that Shiba Inu is in the final waiting phase, anticipating a significant upside in the near future. He shared a historical weekly chart showing that Shiba Inu has successfully broken out from the protracted downtrend that commenced seven months ago in March.
Notably, the breakout occurred in the last days of September when Shiba Inu staged a growth of over 40% within two days, recapturing the $0.000021 territory. However, SHIB has since corrected most of its gains, retesting a low of $0.00001553.
At press time, Shiba Inu is gradually recovering, having attained an intraday high of $0.00001878 before pulling back.
Meanwhile, Charting Guy believes SHIB has successfully completed the backtest with its current market position. With the breakout and retest confirmed, the technical analyst suggests that Shiba Inu’s “full send” is loading, implying that a violent price pump is imminent for the meme coin.
Potential Price Targets for SHIB
This latest commentary updates one from September 23, when he declared that Shiba Inu “is ready.” At that time, Shiba Inu was trading at $0.00001429. Remarkably, the meme coin went on to surge by 49.82%, reaching $0.00002141 days later.
Now, Charting Guy is confident in his forecast of another uptrend for SHIB. His chart outlines immediate resistance at $0.00002266. Notably, if this level is reclaimed, SHIB will target the $0.0000312 resistance next.
For context, Shiba Inu only needs a spike of 26% to reach $0.00002266, a price level last seen in June. Additionally, the analysis outlines immediate support levels at $0.00001104, where the bulls are likely to defend against any significant selling pressure.