Shiba Inu Price Prediction: How High SHIB Could Go After This Key Retest

Shiba Inu recently broke out of a multi-year descending triangle. That is a big deal. Descending triangles are bearish patterns when they slope down, but a breakout to the upside after years of being trapped is a structural shift. 

Now the SHIB price is retesting the breakout zone. The reaction here is critical. Holding the channel's upper boundary would confirm the breakout and mark a shift from a downtrend to an uptrend. 

The SHIB price is displaying some bullish signals in the retest zone. Should it maintain support, the immediate resistance will be at $0.00000785–$0.00000821, and any breach of this level will take it toward another supply region in the range of $0.00001038–$0.00001261.

The SHIB chart just flipped a switch – retest mode activated

We had a look at the daily chart shared by TheCryptoBasic. The SHIB price closed the latest day at $0.00000600, down 1.87% on the session. The multi-year descending triangle is clearly drawn on the chart. 

The upper boundary of that triangle was resistance for years. Every time the SHIB price approached it, sellers stepped in. That resistance has now been broken. The SHIB price is currently retesting that broken resistance as new support. That is textbook technical analysis.

The chart shows two major resistance zones above. The first is between $0.00000785 and $0.00000821. That is the immediate ceiling. A break above that zone would open the door to the larger supply zone between $0.00001038 and $0.00001261. That is the next major target. The SHIB price would need to gain roughly 100% from current levels to reach the lower end of that supply zone.

The MACD is showing positive signs. The histogram is above the zero line, and the signal line is trending up. That supports the bullish case. The broader market conditions are also favorable. Bitcoin is holding above key levels, and altcoin sentiment is slowly improving.

The retest that matters

The breakout happened. Now the retest is in progress. The SHIB price is sitting right on the line that was resistance for years. If it holds here, the breakout is confirmed. If it fails, the SHIB price could fall back into the descending triangle. That would be a failed breakout, and the SHIB price could drop toward the lower boundary near $0.00000400 or even lower.

The analyst notes that the SHIB price is showing positive signs around the retest area. The candles are small, and the selling pressure is not overwhelming. That is a good sign. A successful retest would open the path to $0.00000785 to $0.00000821 first, then $0.00001038 to $0.00001261.

Where the SHIB price goes from here

The SHIB price is at $0.00000600. The retest zone is right here. A hold of this level confirms the breakout and targets $0.00000785 to $0.00000821, then $0.00001038 to $0.00001261. That is a 100% move from current levels. 

A failure of the retest would put the SHIB price back in the descending triangle, with downside risk toward $0.00000400. CoinCodex's 1-month SHIB price prediction places the price at $0.00006096, slightly above the current price level.