Shiba Inu (SHIB) has reclaimed a key accumulation zone, indicating a potential breakout from a long-term consolidation phase.
Analyst Wyckoff Insider emphasized this trend in a post on the X platform, suggesting a bullish entry based on current price movements. As of now, SHIB's trading price is $0.00001215, down 1.5% in the past 24 hours, with a weekly decline of 11%.
Shiba Inu daily candle confirms entry into the volume area.
According to Wyckoff Insider, a recent daily candlestick closed within a high-volume area. This indicates that the price has re-entered the value area (the level where trading was previously active). Analysts typically interpret such price movements as bullish, especially under the support of long-term accumulation.
Its last support level is between $0.000011726 and $0.000011841. Wyckoff Insider recommends setting stop-loss orders below this level to manage downside risk in case of structural failure.
SHIBA INU's upward targets: $0.000022 and $0.000039.
If the price holds at the support level and continues to rise, the first target price will be $0.000022107 (which coincides with the resistance level at the end of 2024); the second target price will be $0.000039005 (reflecting the top of a larger supply zone formed during the peak rebound).
Both of these price levels are critical price points that SHIB has faced selling pressure historically, and traders are closely watching whether the token can break through these areas and maintain higher prices.
Analysts predict that Shiba Inu will rebound.
Despite recent declines, analysts remain optimistic. Joe Swanson pointed out that a cup and handle pattern is forming on the daily chart—this pattern formed after SHIB rebounded from a low of $0.00001002 in June to a high of $0.00001597 in July.
He believes the current pullback represents a 'handle,' indicating a potential breakout. With whales continuing to accumulate, Swanson expects that once SHIB breaks through the neckline of this pattern ($0.00001715), the price will rise 70% to $0.00002150.
Current market performance and challenges for Shiba Inu.
Currently, Shiba Inu ranks 22nd, with a market value of $7.26 billion, a trading price of $0.00001233, having fallen out of the top 20 cryptocurrencies. Compared to the top 10 in 2021, its ranking has significantly declined, and it briefly declined again in 2024.
Internal conflicts, anonymous leadership, and a lack of institutional support are all reasons for its decline. Although projects like Dogecoin have attracted ETF interest, SHIB is still dominated by retail investors and carries a massive token supply of 589 trillion.
However, the Shiba Inu team remains optimistic, with core figures like Lucy encouraging long-term holders and hinting at ambitious price targets, including a vision of reaching $0.01.
