Shiba Inu (SHIB) is at a critical point in its market trajectory as it fights to sustain momentum amid persistent bearish sentiment. The meme coin, which has been consolidating for days, now faces an important technical level that could determine its short-term direction. If the current support zone holds, analysts believe SHIB could attempt a breakout toward higher resistance levels. However, failure to maintain this zone may expose the token to renewed downward pressure.
Shiba Inu Faces Key Test Around $0.000010 Support
Shiba Inu, the second-largest meme token by market capitalization, has struggled to recover from recent market losses. During the sharp correction on October 10, SHIB fell below a key support level, dropping to a multi-year low of $0.0000067. The token quickly rebounded, reclaiming the $0.000010 zone before briefly climbing to $0.00001129. However, it soon lost traction and mirrored the broader market’s downturn.
On the 4-hour chart, SHIB found support again at $0.000010 during last Friday’s sell-off. The token consolidated near that zone before attempting a minor rally earlier this week. Currently, it trades within a narrow range between support at $0.000010 and resistance near $0.000011, forming a parallel channel. Holding the lower boundary remains crucial for the meme coin’s potential recovery.
SHIB 4-hour price chart. Source: TradingView
A confirmed breakout may lead to a test of the next resistance area around $0.0000130, reflecting a potential 25.8% increase from its current price of $0.0000103. This range has become an accumulation zone, with traders observing increased activity around these levels over recent months.
Analysts See Recovery Potential Amid Accumulation Phase
Several market analysts continue to express optimism about Shiba Inu’s short-term prospects. According to market commentator “Trades,” SHIB appears to have “finished its job at the bottom” and could soon begin an upward move. He projected a possible rally to $0.00004566, aiming to retest the highs seen in March 2024.
Similarly, chartist DRAGONAGE_FX shared that the meme token might be preparing for a recovery following a descending triangle breakout. His analysis identified a target near $0.00001291 as the next significant resistance level to watch.
While some traders remain cautious, others maintain an ambitious outlook. Influencer YourPOP suggested that Shiba Inu might surpass its previous all-time high of $0.00008845 before year-end. However, this prediction has divided the community, with many arguing that such a rally may be unrealistic under current conditions.
