Shiba Inu Eyes Potential Breakout as Key Support Holds Firm
Despite recent market headwinds, Shiba Inu (SHIB) finds itself at a pivotal juncture, with analysts pointing to critical support levels that could ignite a significant price surge. While the popular memecoin has seen a downturn in the past 24 hours and year-to-date, historical data suggests a resilient floor could trigger a major bounce. Leading the analysis, MMB Trader highlights two crucial weekly support lines for SHIB: $0.000010 and $0.000007. These levels have historically demonstrated strong absorption of selling pressure. Notably, SHIB rebounded from $0.00000714 in July 2022 after an 88% crash from its 2021 peak. More recently, the token successfully revisited and bounced from the $0.000010 area in March, April, and June of this year, reinforcing the notion of robust demand zones at these price points. Should Shiba Inu successfully clear its current descending trendline, analysts have outlined ambitious price targets. The initial target is set at $0.00003364, representing a potential 170% increase from its recent trading price around $0.00001249. Further gains could see SHIB reach $0.00005480, a staggering 330% rise, with a long-term benchmark suggesting a 500% increase to $0.00007716. Past performance supports such potential, as SHIB surged from $0.00000967 to $0.00004567 during a meme-coin frenzy in March 2024 and reclaimed $0.00003343 in December 2024 before a subsequent retreat. Current market sentiment for SHIB remains mixed, with the Fear & Greed Index indicating "Greed" (60) while technical indicators lean bearish. The token has experienced a balanced trading period, recording green days 47% of the time over the last 30 days, accompanied by a 7.02% price volatility. Traders are advised to monitor weekly support levels closely, as their resilience, combined with a catalyst for increased trading volume, will be crucial. Conversely, a failure to hold these supports could lead to a rapid downturn. Furthermore, close attention to on-chain flows and whale transfers is essential, as large movements onto exchanges often precede significant selling pressure, underscoring the importance of volume in sustaining any breakout.
