There is growing confidence in the Shiba Inu community that SHIB could be gearing for a price rebound after severe price consolidation.
Shiba Inu (SHIB) has struggled of late, a condition predominant in the broader crypto market. However, the meme coin’s underperformance appears more severe than some others.
After months of trending above the $0.000010 support, bears finally defeated the demand zone, adding one more zero to the token’s price. Furthermore, its 6% correction over the past 24 hours brings the 30-day negative trend to 24%, with Shiba Inu losing more than half of its value since the start of the year.
Optimism Remains for Shiba Inu
Meanwhile, market observers are still rooting for a bullish price development for Shiba Inu, with some suggesting the token always makes late moves. Analyst Saraah is among those sharing this optimistic sentiment, as he discovered a formation that could send SHIB higher.
In his recent Shiba Inu price prediction on TradingView, he expects a rebound from here, citing several formations on the SHIB/USDT 4-hour chart. An accompanying chart shows that the meme coin was trending near the tip of the descending triangle, which has suppressed its price since mid-October.
It bears mentioning that at the time of his analysis, Shiba Inu was very close to the neckline resistance. However, the capsize earlier today has pushed the token further downward, but it is still within the lower support level of the structure.
Moreover, the analyst highlighted that trading volume is rising, suggesting increased market activity around the token. Analysts believe this is a precursor to a massive price move, and Saraah thinks it could take the token higher.
Targets for a Breakout
Notably, the chart indicates potential targets for Shiba Inu in the event of a price rebound. It specifically highlighted three possible areas the token would rise to, one of which is a 15.4% move to $0.000001115.
The second point in this rebound is a rise to $0.00001172, representing a 21% growth from the current market price of $0.00000966. Subsequently, he expects Shiba Inu to appreciate to its final target of $0.00001220, which is 26% away from its current value.
Meanwhile, Bitcoin must remain stable for this move to occur. The pioneering cryptocurrency dropped to $107,000 today, pushing SHIB away from the breakout trendline to its current level. Historically, altcoins have followed the movement of BTC due to its large market dominance.
Shiba Inu’s macro-factors look promising, and a stable Bitcoin could drive the meme coin to make this move. Recall that $1.7 trillion asset manager T. Rowe Price recently filed for a spot SHIB ETF in the US, boosting confidence among enthusiasts.
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.
