Expect a Shiba Inu Pullback to Retest Breakout Before Next Rally: Top Analyst

Despite the broader market’s bullish momentum, Shiba Inu could pull back to retest its breakout point before the next uptrend phase.

Shiba Inu (SHIB) has climbed to the 21st spot in the cryptocurrency ranking by market cap, following its recent bullish push. The prominent meme coin has increased by over 5% in the past 24 hours, following a broader market trend.

Despite the glaring bullish momentum, analyst EhsanZeydabadi pinpointed a possible pullback in the price of Shiba Inu. He shared this in his recent TradingView post, highlighting potential levels to watch.

In his Shiba Inu price prediction, he asserted that SHIB would pull back to the breakout level, highlighted around $0.00001150 in an accompanying chart. This marks an 8.8% decrease from the current market price of $0.00001262.

Shiba Inu AnalysisEhsanZeydabadi## Bullish Targets After Retest

Notably, a successful retest will set Shiba Inu on the path for more upside. According to the market watcher’s analysis, the meme coin eyes higher targets, one of which is a push to $0.00001280.

The subsequent target is a 7% rally to $0.00001350 before reaching the final breakout target of $0.00001460. Remarkably, the 15.6% target lies close to September’s intramonth high, and a retest will pave the way for higher prices.

Shiba Inu Could Go Way Higher

Notably, commentators are now increasingly speculating on higher prices for Shiba Inu, particularly as October started on a high. This month has been widely known as bullish for the crypto market, and analysts expect Shiba Inu to join the fest.

Moreover, the drop in the amount of Shiba Inu on exchanges adds to this optimism. Exchange reserves for SHIB dropped to a 2-year low, signalling an accumulation sprint among market users, possibly to position themselves for the expected rally.

This, among other factors, fueled the conviction of Shiba Inu community figure YourPOP that the token will surpass $0.00008845 to reach a new all-time high before the end of the year.