Analyst Says You Won’t Regret Buying Shiba Inu as You Will Not See SHIB at This Price Much Longer

Analyst says you won’t see Shiba Inu at this price much longer, calling attention to an approaching key support and potential for price rebound.

Shiba Inu (SHIB) has shown recent stagnation, with its price hovering between $0.00001142 and $0.00001229. Currently priced at $0.00001164, SHIB has experienced a decline of 1.02% in the past 24 hours and a 9.33% drop over the last seven days. 

Despite the bearish trend, pseudonymous market analyst “Pepe is Friend” suggests that SHIB is nearing an important support zone, potentially setting the stage for a price rebound.

Key Support and Resistance Zones Identified

According to his analysis of SHIB’s market cap, Shiba Inu is seeing a series of lower highs and lower lows, indicating an ongoing downtrend. He points to a critical support zone that could offer a potential floor for the price. This support zone, marked by a market cap range around $6.7 billion, has historically acted as a stable price level. 

For instance, in April 2024, when Shiba Inu fell below the $6.08 billion market cap, the bears failed to maintain downward pressure, resulting in a price rebound. If SHIB reaches this support zone again, “Pepe is friend” expects the price to consolidate before any future growth phase.

On the other side, Shiba Inu faces a significant resistance zone around the $10 billion market cap. This level has historically stalled upward momentum. For example, in mid-May 2024, SHIB struggled to break above the $10 billion cap and subsequently retraced to about $7 billion. If SHIB manages to surpass this resistance level, it could signal the beginning of an upward trend toward new highs.

“Pepe is friend” encourages investors to “stay confident and keep holding or even buy more SHIB,” suggesting that the current price level may not last long. He expresses certainty that SHIB’s price will rise from its current levels, implying that. According to him, those who hold will not regret it, as Shiba Inu will not remain at this level for long.

Notably, if Shiba Inu reaches the $10 billion market cap resistance, the price would be approximately $0.00001696.

Two Scenarios for Shiba Inu Price Movement

Elsewhere, another analyst examined SHIB’s potential price movement, with two scenarios outlined for the coin’s future. According to the analysis, if Shiba Inu bounces off the current support range, a bullish scenario could unfold. 

In this case, Shiba Inu might target the descending trendline that has acted as resistance in recent months. This could lead to a price increase to the resistance range between $0.00002174 and $0.00002418, offering potential gains of 80% to 100% from current levels.

Alternatively, if SHIB falls below the $0.00001054 mark, this will invalidate the bullish outlook. In this bearish scenario, the price could continue to decline, with the next major support zone found around $0.00000630.