A popular analyst has weighed in on Shiba Inu market structure, highlighting a key price level that could define the next direction.
As Shiba Inu’s recent price action continues to draw attention, analysts are increasingly focusing on critical zones that may shape SHIB’s near-term outlook.
Key Points
- Analysts are closely monitoring Shiba Inu’s market structure as the token hovers near a key support level at $0.0000066721.
- Sustaining price action above this zone could help SHIB stabilize and reclaim levels above $0.00001.
- A decisive weekly close below the support would weaken the technical outlook and could drag prices toward $0.000003.
- Some analysts argue that SHIB’s setup remains primed for a potential bullish reversal.
Everything Hinges on $0.0000066721 Support Level
In his latest analysis, Ali Martinez suggested that SHIB is at a crucial inflection point. He noted that the token’s outlook now depends on whether it can hold above the $0.0000066721 support level on the weekly chart. Based on his outlook, this support zone represents a clear make-or-break area.
If SHIB stays above this level, it could stabilize and attempt a rebound toward higher resistance zones. However, a decisive weekly close below the support would weaken the structure and likely trigger further downside, bringing lower price targets into focus.
Possible Shiba Inu Targets
Specifically, the chart shows that losing this support could drive Shiba Inu into the $0.0000013522–$0.0000029954 range. Conversely, maintaining strength above the key level could set the stage for a rebound toward $0.00001480, with a further move to $0.00003299 if bullish momentum builds.
His comments follow the latest market-wide downturn that pushed major cryptocurrencies to fresh lows, with Shiba Inu caught in the sell-off. Over the weekend, SHIB briefly fell below the $0.0000066721 support, sliding below $0.0000064.
However, the drop proved short-lived, as the token quickly rebounded. At press time, SHIB was trading well above that level, changing hands at about $0.000006761.
SHIB Trend Reversal Imminent?
Meanwhile, popular community expert “SHIB KNIGHT” expressed confidence in a potential bullish reversal for altcoins, particularly Shiba Inu.
He argued that the market has already bled sufficiently in recent times, with prolonged selling pressure exhausting sellers. As a result, KNIGHT noted that SHIB’s chart now points toward a bullish reversal.
Meanwhile, according to community analyst Zach Humphries, SHIB’s underperformance mirrors the altcoin market’s bearish trend since 2021. He added that SHIB’s strong correlation with Ethereum has kept it on the back foot, as ETH continues to lag Bitcoin. However, Humphries expects Ethereum to reverse course in the near term, a shift he believes could support a rebound in SHIB.
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.
