Will Shiba Inu (SHIB) Hit 37% Target? Analyzing New Bullish Formation for SHIB Price

While the crypto market is searching for direction, Shiba Inu ($SHIB) is showing signs that its period of dormancy may be coming to an end. If you look at the $SHIB/USDT chart on TradingView, it is clear that the asset has found firm ground above the 50-day and 23-day moving averages and may be preparing for a local reversal.

Over the past few weeks, $SHIB has been trading in a rather dull sideways range, but it is often during such phases that energy builds for the next move. The price is currently around $0.00000615, and the technical picture looks more interesting than it may seem at first glance.

Why $0.0000084 target is back on radar

First of all, a double signal of strength has appeared, as the RSI indicator has printed a bull mark twice over the past month. This suggests the emergence of a double bullish divergence, when selling pressure begins to fade and buyers slowly start to accumulate the coin.

The chart also shows how the price broke out of a narrow range above the $0.00000504 level. If it manages to hold here on the higher time frame, the first serious target will be the resistance zone around $0.00000662.

The main target for bulls, however, is currently located at the 200-day moving average. This stands at around $0.00000842. The distance from current prices is approximately the same 37%.

Of course, there are no guarantees in crypto, and $SHIB remains highly dependent on overall market sentiment. However, the current chart structure with higher lows throughout March looks promising.

If the coin breaks above the $0.0000068 level by the close of the first quarter, it could trigger a wave of buying and a rapid move toward the target. For those tracking Shiba Inu, the critical support remains at $0.00000504. As long as the price stays above it, the growth scenario remains the priority.