Shiba Inu Holds Strong Above Key Support, Analyst Predicts Rally Toward $0.000020
Shiba Inu (SHIB) maintains $0.000013 support, with analyst Martinez noting the potential for a rebound to $0.000020.Shiba Inu's price has experienced heightened market fluctuations, with its price currently at $0.00001337, marking a 1.7% decline in the past 24 hours. The token briefly dipped to $0.00001277 before recovering, demonstrating significant intraday volatility. Despite this, SHIB has remained above the critical $0.000013 support level, which has played a key role in stabilizing its price.Over the past 14 days, SHIB has dropped 14.2%, extending its year-over-year losses to 55.2%. Despite these declines, slight gains of 0.7% in the past hour and 0.6% over the last week indicate potential stabilization. Amid the volatile times for the memecoin, analysts continue to monitor key support and resistance levels to determine the tokens next move.A price chart shared by expert analyst Ali Martinez highlights SHIB's ability to sustain its position above $0.000013. If the token holds this level, an increase in buying pressure could drive prices higher. https://twitter.com/ali_charts/status/1897804136764014844Historical trends reveal a significant rally in November, which pushed SHIB above the $0.000032 resistance level before a correction followed. Martinez suggests that maintaining the current support level could lead to a potential rebound toward $0.000020.Technical Indicators and Long-Term ProjectionsElsewhere, technical analysis by Javon Marks presents a broader perspective on SHIB's potential price movement. The chart indicates a prolonged downtrend following its previous all-time high. However, two breakout points suggest a shift in trend, signaling a move away from bearish conditions. The first breakout led to a moderate rally, while a subsequent retest of previous support reinforced its significance.A hidden bullish divergence has also been identified, characterized by a higher low in price while indicators like RSI or MACD register lower lows. This pattern suggests potential bullish momentum, which may support further price increases. Marks sets a primary upside target at $0.000081, projecting a possible 503.13% surge from its current price.Sequential Price Targets and Ownership TrendsAnother analyst, CryptoElites, outlined sequential price targets, placing SHIBs next potential levels at $0.000085171, $0.000183312, and $0.000472905. The analysis suggests a positive outlook as Bitcoin dominance decreases, potentially creating a favorable environment for alcoins like SHIB.Ultimately, ownership data from IntoTheBlock supports this perspective, highlighting an increase in long-term holders by 1.08%.
Text source: The Crypto Basic
