Shiba Inu needs to hold this crucial support level if it is to stand a chance of reversing from its current bearish trend to target higher prices.
Shiba Inu (SHIB), the second-largest meme coin by market cap, is continuing in its price consolidation. The token fell below a key support level during October 10’s massive price correction, reaching a multi-year low of $0.0000067.
However, it didn’t stay there long enough before rebounding to reclaim the support around $0.000010. The momentum pushed SHIB to a high of $0.00001129, but it has since turned bearish, mirroring a broader market trend.
A Crucial Support Level Critical for Higher Trends
On the 4-hour timeframe, Shiba Inu found support at around $0.000010 during the quick price dump on Friday. It consolidated around the zone before making the short-lived rise to $0.00001129 on Monday.
Currently, Shiba Inu trends within a price range between the support at $0.000010 and the lower timeframe resistance at $0.000011. Since then, it has traded within a parallel channel between these two important levels. Notably, the lower support is very critical for the meme coin, as it would influence the prospects of an uptick to higher prices.
If the support holds, then Shiba Inu stands a chance of breaking above the range to reclaim new highs. Chart data shows that the meme coin could rally to the next resistance area at around $0.0000130, representing a 25.8% increase from its current market price of $0.0000103.
Aligning Shiba Inu Analysis
Meanwhile, several analysts have continued to share the prospects of Shiba Inu rebounding from current support levels to much higher prices. Notably, the token has accumulated around this area for multiple months, and many suggest an outburst would be bullish for prices.
For context, analyst “Trades” noted recently that Shiba Inu has finished its job at the bottom and looks set to move higher. He predicted an upsurge to $0.00004566 to retest its March 2024 highs.
DRAGONAGE_FX shared a similar price action for Shiba Inu, insisting it is ready for recovery. Following a descending triangle breakout, he highlighted that SHIB would now target the next resistance at $0.00001291.
Remarkably, some still expect an ambitious Shiba Inu rally to a new all-time high for Shiba Inu this year. YourPOP asserted that it could break above its current ATH of $0.00008845 before the end of December. Nonetheless, this topic is a hot discussion in the Shiba Inu community, as many believe that this may never happen again.
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