$SHIB
Analyst Says You Won’t Regret Buying Shiba Inu as You Will Not See SHIB at This Price Much Longer
Analyst says you won’t see Shiba Inu at this price much longer, calling attention to an approaching key support and potential for price rebound.
Shiba Inu (SHIB) has shown recent stagnation, with its price hovering between $0.00001142 and $0.00001229. Currently priced at $0.00001164, SHIB has experienced a decline of 1.02% in the past 24 hours and a 9.33% drop over the last seven days.
Key Support and Resistance Zones Identified
According to his analysis of SHIB’s market cap, Shiba Inu is seeing a series of lower highs and lower lows, indicating an ongoing downtrend. He points to a critical support zone that could offer a potential floor for the price. This support zone, marked by a market cap range around $6.7 billion, has historically acted as a stable price level.
On the other side, Shiba Inu faces a significant resistance zone around the $10 billion market cap. This level has historically stalled upward momentum. For example, in mid-May 2024, SHIB struggled to break above the $10 billion cap and subsequently retraced to about $7 billion. If SHIB manages to surpass this resistance level, it could signal the beginning of an upward trend toward new highs.
Notably, if Shiba Inu reaches the $10 billion market cap resistance, the price would be approximately $0.00001696.
Two Scenarios for Shiba Inu Price Movement
Shiba Inu might target the descending trendline that has acted as resistance in recent months. This could lead to a price increase to the resistance range between $0.00002174 and $0.00002418, offering potential gains of 80% to 100% from current levels.
Alternatively, if SHIB falls below the $0.00001054 mark, this will invalidate the bullish outlook. In this bearish scenario, the price could continue to decline, with the next major support zone found around $0.00000630.