Market analysts suggest that Shiba Inu has entered a key accumulation phase, presenting a buying opportunity as it trades near support levels. Price projections indicate a potential bullish surge, with long-term targets extending to $0.00007380.
Price Struggles Amid Market Weakness
Shiba Inu continues to face selling pressure, with its price declining steadily over the past month. In the last 24 hours, SHIB has dropped by 6.3%, bringing its weekly losses to 6.85%. The asset has also fallen over 26% in the last month. On a yearly scale, SHIB remains down by 65.12%, reflecting a prolonged bearish sentiment in the market.
Currently, the token is trading around $0.00001172 after rebounding from a recent low of $0.00001155, where it found temporary support. Despite the ongoing downtrend, some analysts believe SHIB is positioned for a reversal, making it an attractive buy at current levels.
SHIB Identified as a Buy Opportunity
A TradingView analyst, The Hunters_Company, has highlighted Shiba Inu’s potential for a bullish breakout. According to the analysis, SHIB previously traded within a falling wedge pattern, a technical formation that often precedes a trend reversal. The token broke out of this structure in early 2024, leading to a strong upward movement before facing a correction.
Following this retracement, SHIB has now returned to a key support range. Analysts suggest that this level presents a strategic entry point for investors anticipating a renewed price surge.
Key Resistance Levels and Price Targets
For a sustained recovery, SHIB must overcome several resistance levels. The first major barrier stands at $0.00001693. A successful breakout above this level could signal renewed bullish momentum, setting the stage for further gains.
Beyond this point, SHIB faces additional resistance at $0.00002485, a level considered critical for its mid-term performance. If the asset clears this hurdle, it may target $0.00004022, a previous high. According to Fibonacci projections, a long-term rally could push the price as high as $0.00007380.
Crypto analyst Ali Martinez has also referenced historical price patterns, noting that SHIB surged past $0.000032 in November before experiencing a pullback. Martinez suggests that if the token maintains its current support range, it could recover to $0.000020 in the near term.
Shibarium’s Role and Market Outlook
In addition to technical factors, the token’s market prospects are influenced by ecosystem developments. Crypto educator Davinci Jeremie has weighed in on SHIB’s potential, stating that while the asset may perform well, it might not deliver the extreme gains some investors anticipate.
Jeremie acknowledged the introduction of Shibarium, Shiba Inu’s layer-2 network, which aims to reduce transaction costs and improve scalability. However, he pointed out that the network still lacks strong real-world applications that would drive demand for SHIB transactions. Expanding Shibarium’s practical use cases could significantly impact SHIB’s price trajectory in the future.
While the token’s price remains under pressure, the team is optimistic about the token’s success. Analysts also maintain that current levels present a buying opportunity, with long-term targets suggesting substantial growth potential. However, the asset’s performance will depend on its ability to hold key support, break above resistance levels, and strengthen its ecosystem utility.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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