"Hold on now, 100% surge"...Shiba Inu's fate hangs on a single move

▲ Shiba Inu (SHIB)

Shiba Inu (SHIB) has broken through a long-term downtrend structure and entered a retest of a key zone, raising the possibility of up to a 100% increase in the future.

According to the virtual asset specialized media The Crypto Basic on April 22 (local time), Shiba Inu is showing early signs of a structural change on the daily chart after several months of downward movement. It recently broke above a long-term downtrend channel and has entered a 'retest' phase to test that zone again.

According to the report, this zone is between approximately $0.0000058 and $0.0000060, an area that previously served as resistance. If this zone is converted into support, it is considered a critical turning point that confirms the end of the downtrend and the start of an uptrend. Conversely, if it breaks down, the breakout itself could be invalidated.

Technical indicators also support a positive trend. The Moving Average Convergence Divergence (MACD) showed a bullish crossover signal for the first time since February, indicating a reduction in selling pressure. According to Bollinger Bands, the price is also moving towards the upper band, attempting to establish a support line. However, the current movement is in its early stages, and whether the price maintains within the retest zone will be a key variable.

The next target zones for an uptrend have also been clearly presented. The first resistance is in the range of $0.00000785 to $0.00000821, which represents an upside potential of approximately 26% to 32% from the current level. Subsequently, if it reaches the range of $0.00001038 to $0.00001261, a scenario of up to 67% to 103% increase opens up.

On-chain metrics also support bullish expectations. According to Shibburn data, the burn rate surged by 544% in the last 24 hours, with over 23 million SHIB burned. At the same time, open interest increased by 13% to $69.27 million, indicating expanding interest in the derivatives market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*