- Shiba Inu’s critical support zone ($0.0000193 – $0.0000215) is crucial to its bullish outlook, notes analyst Ali Martinez.
- Renewed market optimism, bolstered by a pro-crypto Trump victory, pushed SHIB to $0.000033 in December 2024.
- CW Analyst Highlights Resistance at $0.000022 as Key; overcoming it could lead SHIB towards a target of $0.000035.
Shiba Inu, the popular coin, finds itself at a critical juncture as it struggles to maintain its upward trajectory amid broader market fluctuations. The analyst identified a crucial price range between $0.0000193 and $0.0000215, highlighting its importance in maintaining SHIB’s bullish outlook.
Prominent market analyst Ali Martinez highlighted the historical importance of this price zone, especially from October 2021 to April 2022. At the time, the level provided crucial support as the token faced downward pressure following its all-time high of 0 $.000088 at the end of October 2021. During this phase, SHIB oscillated between $0.000033 and $0.000019, with this support zone acting as a stabilizing force.
However, the crypto market faced turbulence with the collapse of the Terra ecosystem in May 2022, leading to a breakdown in SHIB’s support range. This change turned support into a resistance level, plunging the token into an extended bear market. For two years, SHIB struggled to regain the range of $0.0000193 to $0.0000215, while remaining anchored above the $0.00001 threshold.
Shiba Inu gains momentum after elections
Fast forward to 2024, SHIB made a significant surge in March, reclaiming the critical range during a surge in enthusiasm for the coin. The token reached a yearly high of $0.000045 but quickly moved back below the support zone. Despite this pullback, SHIB showed resilience by holding above $0.00001, laying the foundation for a potential recovery.
October 2024 marked a turning point when SHIB managed to return the $0.0000193 to $0.0000215 range to support after months of resistance. This success was reinforced by renewed optimism on the markets following the US presidential election in November. A pro-crypto victory by Republican candidate Donald Trump fueled SHIB’s momentum, propelling it to $0.000033 in December.
Despite these gains, the token has recently faced a market-wide correction. Martinez noted that SHIB’s ability to remain above the critical range reaffirms its role as a foundation for future growth. According to him, failing to maintain this level could lead to a bearish reversal.
Price increase expected for the Shiba Inu
Other analysts offer a bullish outlook. Bluntz Capital observed a strong accumulation phase, indicating a consistent uptrend in SHIB without a parabolic breakout. He predicts multiple price increases, citing the SHIB/BTC trading pair as evidence of the token’s growth potential. Meanwhile, analyst CW sharp on the importance of overcoming resistance at $0.000022 to unlock a significant uptrend. With Shiba Inu now above this level, he predicted a target price of $0.000035.
As of this writing, Shiba Inu is trade at $0.00002243, registering an increase of 8.04% in the last 24 hours. Trading volume jumped 23%, reaching $425.03 million, highlighting renewed interest in the token.
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