Shiba Inu (SHIB), the second-largest meme coin, is under the spotlight as it faces a critical support zone amid market uncertainties. Analysts have identified the $0.0000193 to $0.0000215 range as a pivotal area that SHIB must defend to sustain its bullish trajectory and avoid a potential downturn.
A Historical Perspective: SHIB’s Battle for Support
Between October 2021 and April 2022, the $0.0000193 to $0.0000215 range served as a strong support zone, holding SHIB above significant bearish pressures. This period followed SHIB’s all-time high of $0.000088 in October 2021. However, the collapse of the Terra ecosystem in May 2022 disrupted the crypto market, breaking this support and flipping it into resistance.
For over two years, SHIB struggled to reclaim this critical range. It wasn’t until 2024, during a resurgence in the crypto market, that SHIB managed to break above this range, thanks to renewed interest in meme coins. Following the U.S. presidential election and the pro-crypto stance of President Trump, SHIB saw a surge, peaking at $0.000033 in December 2024.
Current Market Dynamics: Can SHIB Hold Its Ground?
After a strong performance in late 2024, SHIB is now navigating a challenging environment. The $0.0000193 to $0.0000215 range has once again become a crucial foundation for its uptrend. While the token has held above this level during the recent market correction, analysts warn of potential risks if it fails to maintain this support.
Ali Martinez, a prominent market analyst, highlighted the weaker demand zone below this support range, with 19,610 addresses holding 17.9 trillion tokens. This could provide temporary relief but lacks the strength to counter sustained bearish momentum.
Bullish Signs and Future Potential
Despite the challenges, some analysts remain optimistic about SHIB’s prospects. Market watchers note signs of accumulation, suggesting that SHIB is building momentum for a potential breakout. Analysts like CW emphasize the importance of surpassing the resistance at $0.000022 to ignite a significant rally, with a target price of $0.000035, representing a 58% gain.
At the time of writing, SHIB is trading at $0.00002216, up 1.9% on the day. The token’s ability to maintain its key support levels will be crucial in determining its short-term trajectory and whether it can capitalize on its current momentum.
A Cautious Approach
While the future looks promising for Shiba Inu, investors are encouraged to approach with caution. Maintaining the $0.0000193 to $0.0000215 range is critical for SHIB to avoid a bearish reversal. As always, thorough research and risk assessment are essential before making any investment decisions in this volatile market.
