Expert analysis indicates Shiba Inu is bullish above this level and could soon start an impulsive uptrend toward multi-year price levels.
Shiba Inu recorded an impressive recovery from recent lows of $0.00000756, indicating persisting user interest despite underwhelming price trends. Specifically, bulls stepped in to push SHIB to $0.00000892 on Tuesday before it started consolidating around the area.
SHIB Could Make a Comeback
Notably, the second-largest meme coin by market cap has not built on its stellar outing in the previous cycle. Economist and prominent financial analyst Kamile Uray highlighted this trend in her recent social media post but remains optimistic.
She noted that Shiba Inu made holders a lot of money from its meteoric rise during the 2021 bull market. However, many who enjoyed this portfolio growth failed to take profits, and the ongoing four-year bear market for the token erased most of those gains.
However, patient holders could benefit from what is in the pipeline for Shiba Inu, Uray suggested. She highlighted how the meme coin could make a comeback, spotting key support and resistance levels to watch.
Shiba Inu Bullish Above This Support
Her analysis identified the support between $0.00000752 and $0.00000675 as a key area for SHIB. The zone, marked pink in her shared chart, is a key local support level for the token and has historically sparked a recovery.
Shiba Inu bounced from around the support in 2021 to reach its current all-time high of $0.00008854. A similar price action ensued from the zone in September 2023, with the meme coin rallying to the March 2024 peak price of $0.00004567.
As a result, Uray remains confident that holding above the support is essential for any bullish price action to occur. Currently, Shiba Inu trades at $0.00000871 at the time of writing, comfortably above this crucial demand zone.
Bullish Possibilities for Shiba Inu
Uray further identified higher levels to watch as SHIB shows bullish signs. The economist highlighted that rallying 30% to reclaim $0.00001134 opens up the way for a rise to the $0.00001772 resistance level.
She noted that a daily close above $0.00001772, which entails a 103% increase from the current price, is a key indicator of the asset’s bullish potential and would pave the path for further impulsive moves.
Meanwhile, the chart shows SHIB can go much higher. There is a possibility of a rally to the resistance targets at $0.00003310, $0.00004605, and $0.000088. Notably, this growth would reward those who buy now extensively, as it represents increases of 280%, 428%, and 910%, respectively.
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.
