Should the bearish trend persist, here are the two major support areas that could trigger a bullish reversal and drive the price of Shiba Inu higher.
Shiba Inu, the second-largest meme coin by market cap, has consolidated for most of the last two weeks, mirroring other major digital assets. With uncertainties still dominating proceedings, a top market analyst has highlighted critical support levels that SHIB must hold to maintain a bullish structure on higher timeframes.
Shiba Inu Can Still Rally If These Levels Hold
Specifically, MMB Trader identified two key support areas that Shiba Inu can pump from in a TradingView analysis. He highlighted that SHIB remains bullish above both levels and could pump to multi-year price levels as long as it continues to trend above them.
However, if the $0.000010 demand zone finally succumbs to bears, Shiba Inu also has another major weekly support at $0.000006 as a cushion. Remarkably, the area also served as a crucial zone for Shiba Inu during the 2022 and 2023 crypto winter, preventing lower prices during revisits in June 2022 and June 2023.
Shiba Inu Targets from Support Rebound
Meanwhile, MMB Trader stated that either of the major weekly support areas can pump Shiba Inu to higher prices. If this occurs, he identified three targets for those looking to take profit during the course of the rally.
First, he highlighted that $0.00003364 is the first target for the pump, representing a 164.8% rally from the current price of $0.00001270. From the support at $0.00001 and $0.000006, it culminates in a 236% and 460% uptick, respectively.
The second target is a 331% rally to $0.00005480, a price level last seen in November 2021. It also represents a 448% and 813% growth from the support at $0.00001 and $0.000006.
Finally, he placed the last take profit target at $0.00007730. Notably, this represents a 508% increase from the current market price.
This adds to the bullish price expectations for Shiba Inu despite growing uncertainties. Recall that analyst Javon Marks recently predicted a 570% rally for Shiba Inu, citing confirmed bullish divergence.
