- Shiba Inu’s price has jumped over 40% in the last two weeks, breaking key resistance levels now
- A major bullish pattern, an inverse head-and-shoulders, has formed on the SHIB weekly chart
- Analysts say the next key price targets for SHIB to watch are $0.000017 and then $0.000020.
Shiba Inu has embarked on a significant rally, surging over 40% in the past two weeks. The latest price move saw the memecoin break above notable resistance and print multiple bullish candles, which have led analysts to believe the price trend has finally reversed after months of heavy selling pressure.
It all looks bullish for SHIB right now
Notably, Shiba Inu’s latest surge comes after several months of massive bear pressure, which saw the cryptocurrency’s price crash $0.00001005 for the first time in four months. However, with increased volume, return of momentum, massive whale buying, and a bullish chart structure, analysts have confirmed a trend reversal for Shiba Inu.
Related: Shiba Inu’s Big Breakout: Can 1.8 Trillion Whale Buys Spark Off a $0.0001 SHIB Rally?
One such analyst posting on X highlighted the break above a descending resistance line on the Shiba Inu daily chart as a key indicator for the cryptocurrency’s change in direction. The analyst also noted that SHIB has climbed above the crucial $0.000015 level for the first time since May 2025 while printing bullish candles.
What does the higher timeframe say about SHIB?
In the meantime, TradingView’s data shows that Shiba Inu surged over 10% in the early hours of Friday, boosting the memecoin’s bullish sentiment among the SHIB community members. The latest move pushed Shiba Inu into a crucial zone on the weekly timeframe, into the neck region of a reversed ‘head-and-shoulders’ technical formation.
Hence, the crypto analyst’s prediction aligns with the significant levels on the higher timeframe, considering SHIB’s next resistance is around the $0.000017 region. According to the analyst, Shiba Inu is heading to retest that price region, and breaking above it will open the way for the next target around the $0.00002 psychological resistance.
Related: Shiba Inu Price Closely Mirrors Dogecoin in Macro Bullish Breakout
It is worth noting that Shiba Inu has a massive bullish potential, considering its historical achievements and the project’s efforts to reduce its token supply and increase demand. SHIB users are optimistic about the rediscovered momentum and remain hopeful that the memecoin will push higher and retest some historical price levels.
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