An analysis said Shiba Inu is nearing a breakout above a key resistance level on the daily chart.

On April 28 (local time), blockchain outlet The Crypto Basic said Shiba Inu has repeatedly tested around $0.0000064, the top of a long sideways range. It said a breakout above that level with accompanying volume could open an additional upside zone.

Shiba Inu edged up over 24 hours, but showed little change over the past 7 days and the past month. The price has stayed within a narrow range, but the market is watching the possibility that this phase could be ending.

An anonymous analyst active on TradingView, known as "The-Shift," said Shiba Inu's daily chart appears to be setting up for a breakout. He pointed to the level where the recent rebound began as a key support line. Shiba Inu rebounded after sliding to the $0.0000053 support area on Feb. 6, then tested the same area again several days later. On March 8, it fell back to that point after consecutive down candles, but buying demand stepped in to defend it.

The analyst judged that this pattern supports a "continuation of the uptrend." Shiba Inu has rebounded 16.6 percent from that support line to the current price. On the upside, $0.0000064 is acting as strong resistance. The price zone was first tested on March 16 and has blocked further gains for more than a month as a supply area.

The key is the breakout conditions. The-Shift suggested it could be seen as an entry signal if Shiba Inu closes a daily candle above $0.0000064 and is accompanied by strong volume. He said Shiba Inu could rise further toward its measured target if a "convincing breakout" is confirmed. From the current price, the move needed to clear this resistance is about 3.5 percent.

Price targets were also presented in detail. The first profit-taking zone is $0.0000072. That is about 16 percent above the current price. The second target is $0.0000080, presented as an area with about 29 percent upside from the current price.

By contrast, a break below the lower boundary was cited as a condition that would invalidate the scenario. The-Shift said the current setup would not hold if there is a "decisive closing price" below $0.0000058. This zone is the lower band of the recent sideways range, and a break could confirm price weakness and temporarily curb breakout momentum.

Short-term supply-and-demand indicators are mixed. Net inflows to exchanges rose by 81.6 billion SHIB over the past 24 hours. Higher exchange inflows can be interpreted as an expansion of potential sell supply, which could weigh on an upside breakout. Trading volume, however, fell 5.5 percent over the same period. That indicates market participation has not yet rebounded strongly.

As a result, an analysis said Shiba Inu's short-term direction may be driven more by volume and on-chain flows than by the price level itself. A confirmed hold above the key resistance could allow a move toward the target zone, but the current range could last longer if exchange inflows keep rising and participation stays low.