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AJTrader, a widely followed analyst on TradingView, has argued Shiba Inu may be setting out for a powerful upswing toward the $0.00004 level again.
A key factor influencing this optimism is the seven-month downtrend and the recent uptrend that is gradually building momentum for SHIB.
Notably, Shiba Inu experienced a collapse of over 76% since its peak in March, coming dangerously close to dropping another zero in August. However, a reversal of this downtrend has been underway, gaining momentum in September.
For instance, SHIB reached its lowest value for September at $0.00001238 on the sixth day of the month. Three weeks later, Shiba Inu achieved its highest price for the month at $0.00002156, marking the highest value the meme coin has seen in three months.
Amid Shiba Inu’s impressive performance in September, it surpassed a seven-month-long trendline, as illustrated in AJTrader’s chart. Although the altcoin has dipped to $0.000015 since its September peak, the price action remains above the resistance trendline.
Shiba Inu to $0.00004
In his commentary on this trajectory, AJTrader noted that Shiba Inu’s next successful attempt to recapture the $0.00002 region could provide the meme coin with enough momentum to break higher resistance levels at $0.00004.
At the time of reporting, Shiba Inu was exchanging hands at $0.0000178, reflecting a 5% drop from the higher threshold of $0.00001909 it traded at the previous day. From the current level, reaching $0.00004 would require a growth of 124.72%.
Other Bullish Shiba Inu Targets
Interestingly, AJTrader is not the only TradingView analyst bullish on Shiba Inu. Another market watcher has suggested a potential price surge of up to 400%, which could drive SHIB’s value to $0.00007, a high last seen three years ago.
However, analyst Klejdi Cuni on TradingView has highlighted that the path toward $0.00004 or $0.00007 may not be straightforward. Cuni outlined immediate resistance levels at $0.000019 and $0.00002, which, if surpassed, could open the door for higher levels.
Shiba Inu Bearish Signals
Meanwhile, while these analysts are seeing bullish signals in Shiba Inu’s current pattern, analyst Edward Fibonacci has identified a head-and-shoulders pattern on SHIB that signals a warning for a potential major correction. Edward noted that if Shiba Inu breaks below the $0.000015 level, it could continue on a downward spiral to $0.0000094.