The Shiba Inu 6-day chart indicates a significant price development that could position the meme coin for a move to multi-year price levels.
Analyst CryptoNuclear shared this in his TradingView analysis on October 1, as Shiba Inu continues to consolidate around its current levels. The market commentator highlighted a long-term accumulation on the chart, which has been developing since 2022.
Since peaking at $0.00008854 in October 2021, Shiba Inu has been on a downtrend, making lower highs and lower lows. However, it has kept a crucial demand zone between $0.00000850 and $0.00001183, an area the analyst calls a “make-or-break” level.
Shiba Inu Back at Crucial Demand Zone: What Could Follow?
The recent market downturn has ensured that Shiba Inu has again retested the critical demand zone. Shiba Inu rallied to a month-high of $0.00001484 in September, but skepticism following a Shibarium bridge hack event and a broader market sell-off spurred a rejection of higher prices.
Currently at the crucial zone where large buyers have persistently defended, CryptoNuclear has identified two possible scenarios for Shiba Inu. First, he highlighted that the 6-day candles are beginning to tighten, suggesting that a strong breakout or breakdown is imminent.
Specifically, a breakdown will see Shiba Inu fall below the long-standing support area to lower prices, while a breakout will send the token to multi-year price levels. Until any of these events occur, the analyst advised traders and long-term investors to proceed cautiously.
Precise Shiba Inu Targets
Meanwhile, CryptoNuclear shared that prolonged consolidation around an accumulation zone typically precedes an explosive move. If SHIB does break upwards, it would rally to resistance levels above the current price of $0.00001189.
He identified the $0.00001580 supply zone as a breakout confirmation. If Shiba Inu breaks above with substantial volume and successfully retests this zone, it would target even higher prices.
Specifically, this sets Shiba Inu up for surges to $0.00001940, $0.00002400, and $0.00003338. SHIB could also reach the major supply clusters at $0.00007870 and $0.00008836. Notably, the latter is slightly below its current all-time high.
Nonetheless, if Shiba Inu loses the $0.000008850 and $0.00001183 support, it would break down to $0.00000543. Based on the current market price, this would represent a 54.3% decline.
As a result, the analyst advised keeping a close eye on the “make or break” support area. How Shiba Inu reacts will determine its macro direction into the 2025-2026 market phase.
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.
