Shiba Inu Seeks Breakout Above This Key Resistance: Here’s The SHIB Target

• Shiba Inu faces repeated rejection at 200 EMA currently positioned at $0.00001346.
• Token holds support near $0.0000119 preventing deeper correction so far.
• Downside scenarios project potential decline to $0.0000110 or lower levels.

Shiba Inu continues facing resistance at a critical trendline that has prevented upward momentum in recent trading sessions. The second-largest meme coin by market capitalization remains constrained between two key technical levels.

TradingView analyst SwallowAcademy identified SHIB’s position between the 200-exponential moving average above and support around $0.0000119 below. This range has defined recent price action for the token.

The 200 EMA has consistently rejected price advances at each breakout attempt. Shiba Inu rallied past this moving average in May, reaching $0.00001765 before encountering selling pressure that pushed prices back down.

Support defense maintains bullish potential

The analyst noted that holding support levels indicates buyers retain sufficient strength to prevent new lows. As long as SHIB maintains its current support zone, opportunities to reclaim higher prices remain viable.

A successful break above the 200 EMA at $0.00001346 would serve as the catalyst for moves toward higher price targets. This moving average has functioned as the primary resistance barrier limiting upward progress.

Current market conditions show SHIB declining 1.57% over the past 24 hours and 5% across the previous seven days. The price action signals a clear downtrend that could test lower support levels.

If Shiba Inu loses the critical support area at $0.000010, analyst RTED_Investing projects a decline to $0.0000110. This represents the next logical support zone if current levels fail to hold.

MMB Trader outlined an alternative bearish scenario with SHIB potentially dropping to $0.000010 or adding another zero to trade at $0.00000600. These deeper corrections would test support levels not seen in recent months.

Bounce potential exists at lower levels

However, these downside targets do not necessarily indicate a complete bearish reversal for Shiba Inu. Analysts noted that the token could bounce from lower support levels toward $0.00007730.

This projection suggests that even if SHIB experiences deeper corrections, the overall structure remains conducive to eventual recovery. The key variable involves whether current support levels hold or give way to further declines.

The pattern of higher lows followed by rejection at the 200 EMA creates a consolidation phase. Breaking either boundary would determine SHIB’s near-term direction, with the moving average breakout serving as the primary bullish catalyst.