Shiba Inu Price Prediction Hinges on Upcoming Breakout or Rejection

Shiba Inu (SHIB) is one of the most widely held tokens in the market, backed by a large community and its own Shibarium network.

The token currently trades at $0.000005335, down 5.3% on the day, with a market cap of $3.144B.

A recent break above a multi-month falling trendline on the weekly chart has led to retesting from above, and if SHIB clears the channel's upper boundary with volume behind it, analysts predict room to run toward $0.00000669, then $0.00000778, and eventually $0.00000954.

However, rejection at the upper boundary or a break of $0.00000491 support would point toward $0.00000407 next.