Shiba Inu (SHIB) is currently trading near a key long-term support level. This has drawn attention from market analysts watching for signs of a possible recovery. Although the broader cryptocurrency market has been under pressure, recent price action suggests that SHIB may be stabilizing, provided selling activity continues to ease.
Over the past several days, the asset has struggled with sustained downward pressure, reflecting a wider market downturn that has particularly affected meme coins. The token has declined by over 7% within the last 24 hours, mirroring weakness seen across major digital assets.
Despite this, SHIB has stayed above the price floor, which has acted as a support zone in the past. Market commentator MMBTrader views this as a positive signal for the token.
While leading cryptocurrencies such as Bitcoin and Ethereum have pushed to new short-term lows, Shiba Inu has not fallen below its late January low near $0.00000616. Instead, price movements indicate a narrowing range around the $0.0000060 region. This behavior is often associated with consolidation, a phase in which buying and selling pressure temporarily finds a balance before a clearer trend begins.
Investor Confidence
The market commentator has highlighted this zone as a key weekly support level. According to his assessment, Shiba Inu’s ability to remain above this threshold despite persistent selling pressure suggests that market participants may be accumulating the asset rather than exiting positions completely. This is further reinforced by recent on-chain data showing a slight decline in SHIB balances held on centralized exchanges.
A reduction in exchange reserves generally suggests that investors are transferring tokens into private wallets, which is often seen as a sign of longer-term holding. This view is strengthened by exchange flow metrics, which show that withdrawals have exceeded deposits over the past day. When examined together, these data points suggest that some large holders are positioning cautiously rather than preparing to sell into market weakness.
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MMBTrader has outlined a scenario in which continued price stability at this support level could set the stage for a bullish reversal. He argues that the current structure allows for a potential upward move if selling pressure diminishes and buyers maintain control of the range. Based on his technical projections, an initial recovery could lead to a price increase of up to 100% from the current zone, placing Shiba Inu above the $0.000010 level.
Beyond this initial target, the analyst’s long-term forecasts show more ambitious price levels if bullish momentum strengthens over time. These scenarios include moves toward the $0.000033 and $0.000054 ranges, followed by an even higher extension above $0.000070 if broader market conditions support sustained growth. However, these outcomes are framed as conditional rather than guaranteed.
The Effect of Bitcoin’s Performance on SHIB
The broader cryptocurrency market, specifically Bitcoin’s performance, still has an influence over Shiba Inu. Bitcoin recently dropped below the $70,000 mark, a level that has not been recorded in over one year. If the asset continues to show weakness, it could undermine any recovery attempt Shiba Inu makes, regardless of its technical setup.
Analysts emphasize that Shiba Inu’s outlook depends on the preservation of its weekly support level and a reduction in overall market selling pressure. While early signs of accumulation are present, confirmation would require consistent price stability and improved sentiment across the wider market.
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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