Shiba Inu Holds Critical Support as Analyst Flags 1,055% Climb to 2021 Levels
- Price Trend Analysis: Shiba Inu is currently trading at $0.000006059, down approximately 93% from its October 2021 all-time high of $0.0000885 and 86% from its March 2024 cycle high of $0.00004567, indicating prolonged selling pressure and market weakness.
- Technical Support Level: Despite the bearish market conditions, SHIB has maintained support at the lower boundary of a descending channel, which has historically marked key support during sharp corrections in 2021 and the 2023 bear market, suggesting that this persistence is significant for analysts.
- Potential Target Setting: Analyst Celal Kucuker has outlined a bullish outlook, with an initial target of $0.000010 requiring a 65% increase, while a larger target of $0.000070 represents a 1,055% increase from current levels, potentially bringing SHIB back to its November 2021 trading levels.
- On-Chain Data Observations: In the past 24 hours, futures open interest rose over 7%, indicating increased participation in derivatives markets, while approximately 507 billion SHIB tokens flowed from exchanges to private wallets, typically signaling accumulation and long-term holding rather than short-term selling.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for SHIB
Technical Sentiment Analysis for Shiba Inu (SHIB). As of , Shiba Inu (SHIB) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 3 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for SHIB stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, SHIB is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Shiba Inu (SHIB) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000505 | 0.00000542 | 0.00000574 | 0.00000611 | 0.00000643 | 0.0000068 | 0.00000712 |
| Fibonacci | 0.00000542 | 0.00000568 | 0.00000585 | 0.00000611 | 0.00000637 | 0.00000654 | 0.0000068 |
About SHIB
About the author
