Shiba Inu is approaching a major support level that an analyst says could set the stage for a significant bullish move.
A TradingView crypto analyst, Kledji Cuni, highlighted that the $0.0000067 area has historically marked cycle lows for SHIB. The meme coin has been trading in a narrow range for months, suggesting that buyers are defending this zone and preparing for a potential move.
Notably, Shiba Inu trades at $0.000009185, representing a 6% decline over the past day, which has increased its total loss to 14.5% over the past month. However, it trades 53% above this support zone.
Shiba Inu Shows Signs of Long-Term Accumulation
On the weekly chart, SHIB exhibits a multi-year downtrend that shifted into consolidation from June to October 2023, following a steep decline that followed the explosive rally of 2021.
Notably, amid this downtrend, the price repeatedly retested the same support zone at $0.0000067 from 2022 to 2024, and each retest led to a recovery push.
Now, SHIB seems to be approaching the $0.0000067 bottom. This multi-year accumulation suggests the bearish phase is ending. Notably, this move sets the stage for a strong recovery, especially if the support holds strong again upon retest.
The analyst also described this support area as one of the lowest trading zones SHIB has revisited in several years, also noting that it has triggered bullish reactions in past market cycles.
Interestingly, Cuni noted that it is impossible to determine when the next significant move may occur. However, he outlines three upside levels at $0.0000170, $0.0000320, and $0.0000420, corresponding to gains of 150%, 368% to 512%.
Other Analysts See Gradual Gains
Analyst Shib Knight also noted that SHIB has been holding firm in its lower range. He described the price action as “lowkey green” despite broader market uncertainty and suggested the current zone could provide a solid accumulation opportunity.
Knight said he plans to continue dollar-cost averaging at this level, assuming Bitcoin remains stable and altcoin sentiment remains undisturbed.
Meanwhile, TradingView analyst Swallow Academy indicated that SHIB is gearing up to challenge the $0.00001256 level, which coincides with its 200-day EMA.
He noted that the token must first clear the $0.000011–$0.000012 range, warning that repeated rejections in this area make patience essential.
Similarly, MMBT Trader highlighted that a successful break above $0.00001270 could trigger a rally of up to 94%.
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.
