Shiba Inu is poised for a bounce near its yearly high as technical analysis suggests a breakout from a bullish price pattern.
In the latest Shiba Inu newsThe dog-themed meme coin could soon seek a bullish bounce to higher prices. However, following a broader market downturn, it needs to fend off the prevailing bearish momentum in its ecosystem.
For comparison, Shiba Inu recorded its third weekly downward trend in a row, although with a slight correction compared to previous weeks. The leading meme coin closed last week down 1%, failing to maintain earlier bullish momentum that saw it hit a weekly high of $0.00002408.
Shiba Inu is breaking out of the bullish structure
A youngest Rose Premium analysis suggests that Shiba Inu could regain bullish momentum and recover from the recent decline. The commentary pointed to a possible break above a descending channel within the 1-day time frame.
The market speculator included a chart suggesting a possible breakout from the channel that began to form from that point onwards local high at $0.00003343 Beginning of December. With the breakout, Rose Premium shared three price targets for Shiba Inu, including a short-term, medium-term and long-term target.
Meanwhile, the analyst expects Shiba Inu to face resistance $0.00003236 with the initial upward trend. A break above resistance will result in further upside to the mid-supply zone at $0.00003870.
Additionally, Rose Premium claimed that the long-term goal of the breakout from the descending triangle is a rise to $0.00004349. However, he explained that the almost 100 percent price increase would occur if there is strong bullish momentum…
