Shiba Inu Historically Bottoms at This Support—What Could Happen This Time?

Shiba Inu is approaching a long-standing support area with historically bullish implications after an elongated period of accumulation.

Notably, the support at $0.000067 has been the lowest level for the cryptocurrency in years, underscoring the importance of its subsequent price action. Shiba Inu (SHIB) has also been consolidating for months, further suggesting accumulation before a major price shift.

Key Points

• Shiba Inu is approaching a long-standing support area with historically bullish implications after an elongated period of accumulation.
• The support at $0.000067 has been the lowest level for the cryptocurrency in years, underscoring the importance of its subsequent price action.
• It has also historically triggered a strong bullish reaction in Shiba Inu, as the price bounced from there in October 2021 to the ATH of $0.000088.
• SHIB has been consolidating in the past few months, suggesting it is building momentum for the next decisive move.

Shiba Inu Approaching Key Support

Notably, SHIB has been on a steady price decline after losing momentum from its early January rally. The meme coin reached a high of $0.00001009 on January 5, spurred by a short-lived broader market recovery.

This momentum, however, has faded, with Shiba Inu correcting by over 32% from its January peak to its current market price of $0.00000679. The downtrend sums up the price action seen from the token in recent months.

Notably, it has been in a steady downtrend since the March 2024 high of $0.0000456, making lower highs and lower lows. Meanwhile, volatility has subsided recently, as Shiba Inu slowly slides toward the crucial support levels between $0.0000067 and $0.00000521.

Importance of This Support Level

Market commentator “KlejdiCuni” identified this in his recent TradingView analysis, highlighting the importance of the support level. He noted that it is a historical area that has marked the bottom for SHIB.

The analyst noted that support has historically triggered a strong bullish reaction in Shiba Inu. Notably, TradingView data show that the token reached a record low of $0.00000510 in September 2021 before bouncing back off this support level. What followed was an over 800% surge in October 2021, bringing it to its current all-time high of $0.0000885.

Furthermore, the meme coin has been consolidating in the past few months, suggesting it is building momentum for the next decisive move. A combination of these factors is fueling KlejdiCuni’s bullish stance. He called this setup a long-term trade and one no one should miss.

Possible Price Implication on Shiba Inu

The commentary also mentioned possible targets for Shiba Inu should the expected rebound start. It set the first target at $0.0000170, the second at $0.0000320, and the final around the March 2024 high at $0.0000420. This represents an increase of 150%, 370%, and 518%, respectively.

Shiba Inu Approaching SupportKlejdiCuniHowever, the analyst warned that the timeline for this move remains uncertain. Again, he mentioned that patience is key and long-term holding is the best approach to this setup.

Still, there is no guarantee that Shiba Inu will rally in the future, nor is it certain that the $0.0000067 support will hold. The analysis reflects the market watcher’s view and is not financial advice.