Key Insights
- Shiba Inu maintains crucial support at $0.000010, signaling possible stability after last week’s market-wide correction.
- Analysts expect SHIB to challenge resistance at $0.000013 if current support levels remain intact.
- Technical data shows long-term accumulation, suggesting potential momentum for a rebound toward higher resistance zones.
Shiba Inu (SHIB), the second-largest meme cryptocurrency by market value, has managed to hold above its vital support level of $0.000010 after last week’s significant market decline. The token briefly dipped to a multi-year low of $0.0000067 on October 10 before recovering strongly to reclaim its earlier support zone.
Following the recovery, SHIB reached $0.00001129 before losing upward momentum. The token has since been trading within a narrow range between $0.000010 and $0.000011, reflecting ongoing price consolidation. Market data indicates that this level remains critical for determining the next direction in SHIB’s movement.
Technical Indicators Highlight Crucial Support Zone
On the four-hour chart, Shiba Inu’s price action shows consistent support near $0.000010, suggesting strong buying interest at this level. The token’s consolidation phase indicates an equilibrium between buyers and sellers. If the current support holds, analysts anticipate a potential rise toward the next resistance at $0.000013, which would mark a 25 percent gain from current prices.
Several market observers expect the token to recover if broader sentiment improves. Technical analyst Trades believes SHIB has completed its bottoming phase and may soon attempt a move toward $0.00004566, revisiting its March 2024 highs. Another analyst, DRAGONAGE_FX, also highlighted a possible breakout from a descending triangle pattern, identifying $0.00001291 as the next key resistance area.
Community Outlook Remains Divided
While some community figures anticipate an extended rally, others maintain a more measured outlook. Influencer YourPOP noted the potential for SHIB to revisit its previous all-time high of $0.00008845 before year-end. Despite differing views, market analysts agree that holding the $0.000010 support remains crucial for any sustained recovery in the coming weeks.
