Recent analysis has identified the next possible price target for Shiba Inu if the current bearish trend persists.
Shiba Inu (SHIB) has steadily declined for most of the year, joining a broader market underperformance. The second-largest meme coin by market cap is down 62% since January 1, and its 22% correction in the past 30 days has stoked further uncertainty.
Key Support Amid Breakdown
Notably, a TradingView analysis from “EhsanZeydabadi” has identified the next bearish target for the meme coin. He acknowledged the prevailing bearishness, even as Shiba Inu breaks below another support area.
At the time of his analysis, SHIB traded around $0.0000085, as earlier bullish momentum lost steam. The token recovered from around $0.0000075 on November 22 to a high of $0.0000091 six days later. However, bears took over proceedings again, driving prices downwards.
Amid this downtrend, SHIB fell below two key support areas highlighted in the analyst’s chart. Specifically, it dropped beneath the demand zones at $0.00000840 and $0.00000810, two notable areas he highlighted that could trigger further downside if they fail to hold.
With the support now desecrated, he identified the next key support to watch. In particular, his Shiba Inu analysis predicted further downside to the local support at $0.00000680, marking a 14% correction from the current price of $0.00000792.
Bullish Prospects Remain for Shiba Inu?
Notably, the analysis also suggested that Shiba Inu could see higher prices if it held above key support levels. While SHIB has fallen below the $0.00000810 demand zone, a quick reclaim could also turn things around.
The analyst highlighted a rally to $0.0000090 as confirmation of the bullish potential, a price level 13% above the current market price. Reclaiming this critical resistance level would pave the way for a rally towards $0.00001130, representing a 42.6% increase.
Remarkably, an earlier analysis suggested this could be just the start for Shiba Inu. The parallel commentary from Bitcoinsensus views the $0.00001130 as the starting point for the meme coin, as it currently trades within a falling wedge.
He predicted that a break to the price level would confirm a breakout to $0.000014 and possibly to December 2024’s peak of $0.00003343.
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