Shiba Inu (SHIB) is retesting a critical price range that has acted as a support base since early 2022. Actions at this level will determine if it could soar to higher grounds from here.
According to technical analyst Crypto Nuclear, the current level between $0.00001090 and $0.00001190 is a major demand zone. What happens next could define SHIB’s trend for the remainder of the year with a possible price surge up to $0.00008836.
Shiba Inu Returns to Key Demand Zone; Upside Targets if Support Holds
Crypto Nuclear called attention to the long-term support area. The range has been tested multiple times since 2022, each time helping to stabilize the price and absorb selling pressure.
The analyst emphasized that this zone marks a decisive point in the trend, where bullish participation is essential to maintain the market structure. The repeated retests of this accumulation zone are setting the stage for a breakout if the support continues to hold.
If SHIB maintains its position above $0.00001190 and attracts stronger buying interest, several upside resistance levels may come into play. The first is $0.00001580, followed by what Crypto Nuclear termed as mid-term bullish targets: $0.00001940, $0.00002400, and $0.00003338.
The analyst projected $0.00007870 and $0.00008836 as the long-term target, a 514% to 589% uptick from the current price. This area is a key supply zone and aligns with previous SHIB price peaks.
Notably, Shiba Inu is trading at $0.00001281, a 3.5% rise in the past day, increasing its monthly gain to 8.3%. A confirmed breakout above $0.00001580, particularly with increased volume, could signal a trend reversal and possibly end the extended consolidation.
Risk of Breakdown Remains for Shiba Inu
Despite signs of accumulation, the risk of a bearish breakdown is still present. If SHIB drops below $0.00001090, it could signal trend weakness and trigger a deeper correction.
Crypto Nuclear identified lower support zones at $0.00000900, $0.00000700, and $0.00000550. A fall into this range may suggest the market is shifting from accumulation to a distribution phase, where lower lows become more likely.
Crypto Nuclear suggests the current structure resembles a Wyckoff-style spring, a pattern that typically precedes bullish expansion. This setup involves a fake-out below support before a sharp rally begins.
Other Analysts Predict Shiba Inu’s Price
Meanwhile, according to analyst Javon Marks, Shiba Inu may be preparing for a breakout after confirming a bullish divergence on the two-day chart. Marks projects a 156% rally from the confirmation level near $0.0000125, targeting $0.000032, a level not seen since March 2024.
Meanwhile, analyst Jonathan Carter noted that Shiba Inu is now consolidating above a key support zone between $0.00001050 and $0.00001250, an area that has historically attracted buyer interest.
Carter views this as an accumulation phase and says holding this support could lead to a sustained rally. He identifies potential resistance targets at $0.00001400, $0.00001750, $0.00002050, and $0.00002500.
Notably, Shiba Inu could see a 516% surge if its market cap hits $45 billion, according to Jake Gagain. This would push the price to $0.00007636, nearing its 2021 peak. From June’s low of $0.00001004, the move would mark a 660% gain. Analyst Hunters Company shares a similar target, citing a rebound from key support.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
