Shiba Inu (SHIB) Price Prediction: Uptrend Continuation to Retest December Highs

The prominent meme coin has rebounded 19% from its intra-month low of $0.00001082, suggesting strong bullish momentum.

Shiba Inu price is showing bullish prospects as analysis highlighted a trend continuation to retest December’s price highs.

The prominent meme coin has displayed a 19% rebound from its intra-month low of $0.00001082, which is a strong support zone and the lower boundary of its multi-month descending price channel, according to TradingView analyst Asadrizvi.

The channel, which has been forming since Shiba Inu’s December high of $0.00003343, has contained the token’s price, which has trended downwards in lower highs and lower lows, getting tighter within the wedge.

Interestingly, SHIB broke from the channel following the 19% rebound, and the analyst has shared possible resistance levels ahead.

Shiba Inu Could See More Upsides

Per the TradingView analysis, SHIB’s break from the channel could spur more price upsides.

Asadrizvi suggested that the first target in the asset’s path to higher prices is a surge to $0.000015, followed by a push to $0.000020.

However, the commentary highlighted that the path to $0.000020 is packed with resistances, specifically from exponential moving averages. The 200 EMA, 100 EMA, and 50 EMA trends above prices, acting as potential supply walls.

Meanwhile, the analysis stated a break above these indicators would signal a bullish reversal, driving prices higher.

Ultimately, the market watcher predicted a 154% rally to $0.0000328, an area he labeled a “weak high.” The price level is near SHIB’s December high of $0.0003343, a notable resistance level that impeded further upsides during the meme coin’s bullish rally last year.

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