A recent analysis has highlighted key price levels to watch if Shiba Inu rallies from a crucial support area.
Shiba Inu has held strong around the current support level around $0.000006 to $0.000010, as its long accumulation phase continues. Notably, this demand zone has cushioned bearish momentum several times since the token corrected to it after the huge 2021 bull run.
Pseudonymous analyst “Aramsalimi” highlighted this trend in his recent Shiba Inu price analysis, identifying price levels to watch for when prices finally break out. The market watcher remained confident that this outburst would occur, insisting that past “mini rally” price action is a typical pattern before a breakout.
Shiba Inu Price Development
The $0.000006 and $0.000010 support levels are key areas of support, as long-term buyers have repeatedly stepped in during bearish trends. The long wicks seen on the chart also reinforce how buyers have been defending the demand zone.
Whales might also be accumulating Shiba Inu at these levels, as the analyst noted low but steady volume as evidence of smart money acquisitions at the bottom. The SHIB RSI is near oversold territories, with low momentum further indicating an energy buildup for the breakout.
Meanwhile, the analyst noted that Shiba Inu seems to be forming a descending triangle, and a breakout could go either way. He predicted that a false breakdown might occur, taking the asset lower before a sharp upside recovery.
Levels to Watch for Possible Shiba Inu Scenarios
The analyst stressed that if bearish continuation persists, the SHIB price might drop to $0.000009, then $0.000007, before the bottom of the support range at $0.000006. This represents a 12%, 32%, and 41% decline from the current market price of $0.00001030.
On a neutral basis, Shiba Inu could continue to consolidate between $0.000009 and $0.000012 before a breakout. Meanwhile, on a bullish rebound, the commentary noted that Shiba Inu would target $0.000012.
If the token holds above this level, the next stop is $0.000017 and $0.000020. After this, Shiba Inu would then rally to $0.000028, with the chart showing a possible upsurge to $0.000035, marking a 240% rise.
Remarkably, this price target aligns with that of GehavianGoals, who predicted a similar run to $0.0000335. Another analyst, “Polaris_xbt,” also asserted that the current boring accumulation would result in a surge to $0.00003396.
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