Key support levels Shiba Inu must maintain to avoid further decline

Shiba Inu (SHIB), the second largest coin, has a major support level that it must maintain amid widespread market uncertainty.

For context, market analysts such as Ali Martinez have highlighted the $0.0000193 to $0.0000215 range as an important area that SHIB must defend to maintain its upward trajectory.

The historic battle of the SHIB

In a recent video analysisMartinez drew attention to the historical significance of this range. Notably, between October 2021 and April 2022, this price zone served as support, preventing major bearish pressure as Shiba Inu fell from its all-time high of $0.000088 in late October 2021.

During this period, SHIB ranged between $0.000033 and $0.000019, with this support range serving as a base. However, the collapse of the Terra ecosystem in May 2022 triggered contagion in the broader crypto market, breaking this support range for SHIB.

This change turned the support zone into resistance and marked the start of a prolonged bear market for the token. For over two years, SHIB struggled against the $0.00001 mark, unable to reclaim the $0.0000193 to $0.0000215 range.

Now, in 2024, Martinez noted that this price zone has regained importance. In March, SHIB pushed above during the meme coin craze, reaching a new yearly high of $0.000045 in early March. However, a subsequent pullback pushed the token below this range again.

Despite this, Shiba Inu managed to hold above $0.00001, paving the way for a potential recovery. In October 2024, SHIB returned the $0.0000193 to $0.0000215 range to support after serving as resistance throughout the summer.

This bullish move follows an impressive price rise following the US presidential election in November, which saw pro-crypto Trump, Republican candidate emerge victorious. With renewed momentum, SHIB reached a high of $0.000033 in early December.

Shiba Inu to hold $0.0000193 to $0.0000215

Nonetheless, the recent market-wide correction has tested SHIB’s resilience. Despite this, the token has managed to stay above the critical support zone, and Martinez believes this confirms its role as the foundation of the uptrend.

He stressed the importance of maintaining this range. According to him, if SHIB fails to sustain above this level, it could face a bearish reversal.

Interestingly, data from IntoTheBlock revealed that below the range of $0.0000193 to $0.0000215, there is a lower demand wall between $0.000019 and $0.000020.

This zone is supported by approximately 19,610 addresses holding 17.9 trillion tokens. Although this area may present temporary relief, its strength is actually negligible in the face of sustained bearish momentum.

Shiba Inu shows short-term uptrend

Meanwhile, another analyst, Bluntz Capital, shared a bullish outlook last month, noting SHIB’s strong and controlled uptrend. According to him, the token has not yet experienced a parabolic breakout but is showing clear signs of accumulation.

$shib looks incredibly strong, it’s obviously in a solid uptrend but it’s been controlled, no parabolic breakout……YET.

but it happens, the shib/btc pair also accumulates at the lowest.

I think this will draw several

I want this on bybit, shameless referral link sheet 👇… pic.twitter.com/Xv4wO1yEkN

– Bluntz (@Bluntz_Capital) December 7, 2024

The market watcher predicts multiple price increases in the near future, citing the SHIB/BTC pair as evidence of growth potential. At press time, Shiba Inu is trading at $0.00002216, up 1.9% this morning and struggling to transcend the $0.000022 level.

CW, another analyst, sharp to the importance of overcoming the sell wall at $0.000022. He believes that breaking this resistance will mark the start of a major uptrend. His target price for SHIB is $0.000035, a 58% upside from current prices.