Pseudonymous analyst MMBTtrader described the current Shiba Inu market as “dead” and frustrating for investors, warning that if the trend continues, SHIB risks falling out of the top 40 cryptocurrencies.
Despite this, the analyst noted that SHIB is still holding two key daily supports, which could enable a strong breakout if a red descending trendline is breached.
A Potential 600% Rally Back to Historic Highs
According to the market watcher, Shiba Inu has a long-term upside target of more than 600% if price clears its key resistance.
Specifically, the analyst identified $0.00007730 as the major target, a level last reached in October 2021 when SHIB recorded its all-time high.
Importantly, the expert explained that this projection relies on SHIB sustaining its major support levels and breaking through the descending red trendline that has capped price for months.
The outlined move reflects a direct comparison to SHIB’s historical peak, which the analyst uses as the reference point for the 600% rally.
The 200% Target as a Key Barrier
In a separate analysis, MMBTtrader also outlined a 200% upside target for Shiba Inu, placing it near $0.00003364. Notably, the price reached this zone in March 2024 and again in December 2024, but on both occasions, sellers eventually outweighed buyers, leading to strong pullbacks.
As a result, this repeated rejection has reinforced the level as a significant resistance barrier. Importantly, clearing this threshold is now considered essential for SHIB to unlock higher targets.
Meanwhile, until a breakout occurs above $0.00003364, upside progress remains limited, with further targets such as the 400% and 600% levels staying dependent on overcoming this established barrier.
Major Supports and the Path to A 400% Target
Moreover, the analyst identifies two major support zones for Shiba Inu at $0.000006 and $0.000010, which have previously marked turning points for upward rallies.
Meanwhile, the key resistance at $0.00003364 remains the crucial gateway to higher gains. A clear break above this threshold would pave the way for a 400% rally, a level last achieved in November 2021.
Importantly, maintaining these supports while overcoming resistance would establish the structure needed for SHIB to progress toward long-term objectives.
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.
