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Market analyst Crypto Jack has asserted that Shiba Inu will see an upward explosion if the token breaks free from a crucial price structure.
Shiba Inu put in a strong performance earlier in the week, surging to $0.00001947 on Tuesday. Its bullish uptick ensured it surpassed Avalanche to become the 12th largest cryptocurrency by market cap.
However, a global market downturn on Wednesday triggered a correction for the crypto market, with Shiba Inu also facing the heat. For context, the dog-themed meme coin is down 6.40% in the past 24 hours, relinquishing all its weekly gains to the latest retracement.
Meanwhile, market analyst Crypto Jack has identified an important price structure standing in the path of Shiba Inu’s explosive uptrend, arguing that the top-ranking meme coin will surge extensively if it breaks from the pattern.
Analyst Shows Shiba Inu’s Major Price Impediment
In a Thursday X post, Crypto Jack noted that Shiba Inu is in a price range. The accompanying SHIB/USD 1D chart shows that the meme coin started forming the price pattern after hitting the three-month high on September 27.
Notably, the $0.000020 to $0.000021 zone formed the range top, while the $0.000015 zone became the lower region. SHIB has continued to trade within the range for over one month now.
Crypto Jack asserted that Shiba Inu must break past the range’s upper boundary to “explode to the upside.” Meanwhile, the analyst’s chart shows he expects a revisit of the lower zone before breaking past the resistance at $0.000021.
Explosive Upside After Defying Resistance
Meanwhile, the market watcher had earlier identified the $0.000021 resistance as a must-breach for sustained Shiba Inu upsides. In an earlier report, he noted that if SHIB breaks above the supply zone, the next stop would be around $0.000027.
Furthermore, analyst Crypto Sheriff expects Shiba Inu’s next stop to be around $0.0002 after breaching the resistance. The renowned market speculator also targeted an ambitious surge to $0.001, representing an over 5,400% increase from the current market price.
Notably, Shiba Inu currently trades at $0.00001745 as at press time, down almost 2% in the past seven days and 20.3% away from Crypto Jack’s upper range price.