Shiba Inu Technical Analysis Suggests an Over 10x Rally to $0.00007
While Shiba Inu price uncertainties persist, the possibility of an over tenfold rally from current levels to multi-year highs remains.
Shiba Inu trades for $0.00000603 at the time of writing, continuing to consolidate within a price range on the daily chart. While recent price action has been range-bound, the broader direction remains down, with the meme coin correcting considerably from prior highs.
For context, $SHIB is down over 93% from its October 2021 high of $0.0000885. It has also declined by 86% from this cycle’s high of $0.00004567 in March 2024, further reinforcing the evident corrective momentum in prices. Still, recent analysis has not ruled out the chances of a change of course.
Key Points
A commentary cites a bullish technical setup and strong community backing for Shiba Inu as catalysts for an imminent reversal.
$SHIB has been trading within a descending channel since its March 2024 high, now close to its bottom.
Shiba Inu has held a multi-year horizontal support level amid bear dominance, and this may build momentum for the next decisive upward price move.
The first target is an over 87% increase to the wedge’s midpoint above $0.000010.
Ultimately, $SHIB could record an over-10x rally to $0.000070, a 1,060% rise from current levels.
Shiba Inu Bullish Setup
Analyst Celal Kucuker is one analyst predicting that Shiba Inu will recover from the current price decline. In an X post, the market commentator cited a bullish technical setup and $SHIB’s strong community backing as catalysts for this imminent reversal.
An accompanying chart shows that $SHIB has been trading within a descending channel since its March 2024 high. The wedge’s upper band has opposed bullish attempts, keeping the meme coin within the structure. In the same vein, the lower support has served as support during periods of price weakness.
Shiba Inu Descending Channel/Celal Kucuker
The recent corrective momentum has brought Shiba Inu ($SHIB) close to the wedge’s bottom. In fact, the token hit the base in early February, when it dumped to $0.0000050. However, it has since recovered and is trading near this multi-year support trendline.
Beyond this, the chart shows a horizontal support line that has marked $SHIB’s bottom multiple times since its market debut. It marked the bottom during the post-2021 launch correction and the 2023 bear market, solidifying its place as a key level to watch.
Shiba Inu has held this support amid bear dominance, and the analyst expects this to build momentum for the next decisive upward price move.
Breakout to Higher Prices
Kucuker is expecting this setup and the ever-present support from the Shiba Army to drive the next price comeback. Notably, his first target is an over 87% increase from here to the wedge’s midpoint. This will see it reclaim the psychologically $0.000010 level.
Ultimately, the market watcher predicts an over-10x rally to a multi-year high of approximately $0.000070, representing 1,060% increase from current levels. Notably, $SHIB last traded around this level in November 2021.
Shiba Inu On-Chain Analysis
Meanwhile, on-chain data provides some positives for the $SHIB price. It shows a 7.4% increase in open interest (OI) in the past 24 hours, suggesting growing futures interest in the prominent meme coin. Notably, such an uptick usually precedes a derivative-driven price shift depending on the positioning of these contracts.
Also, exchange flows indicate that market participants have chosen to accumulate Shiba Inu rather than distribute it. In the past 24 hours, about 507 billion $SHIB tokens net were withdrawn from exchanges to self-custody wallets for long-term holding.
Shiba Inu Exchange Flow/CryptoQuant