Shiba Inu (SHIB) is currently trading within a tight range between $0.00001139 and $0.00001229 as the popular meme coin struggles with sustained downward pressure. Over the past 24 hours, SHIB has dropped by 0.35%, adding to its 8.71% decline over the past week. This continued weakness reflects broader market uncertainty and selling momentum.
Despite this negative trend, the pseudonymous market analyst “Pepe is Friend” suggests that SHIB may be nearing a critical support zone that could pave the way for a potential price recovery. According to the analyst, SHIB is hovering near $0.00001137, which aligns with a crucial support level tied to its $6.69 billion market cap. Historically, this market cap level has acted as a strong support zone, providing much-needed price stability during previous downturns.
The analyst also points out that SHIB’s price action is characterized by a pattern of lower highs and lower lows, signifying the continuation of its current downtrend. However, if the $6.69 billion support holds, it could break the downward cycle and set the stage for bullish momentum.
Could Historical Trends Signal a Strong Support Level?
Historical data highlights the significance of the current support zone for Shiba Inu. In April 2024, SHIB’s market cap dropped below $6.08 billion, but bearish attempts to push it lower failed. Instead, the price rebounded, reinforcing the strength of this support level. According to “Pepe is Friend,” if SHIB revisits this zone, a period of consolidation is expected before any further movement occurs.
On the other hand, Shiba Inu faces strong resistance at the $10 billion market cap level, which has repeatedly hindered upward progress. A clear example can be seen in mid-May 2024, when SHIB attempted to surpass this threshold but retraced to around $7 billion, underscoring the resistance’s impact.
Breaking past the $10 billion market cap would likely trigger a new upward trend toward fresh highs. At this point, SHIB’s price could reach approximately $0.00001706, representing a key target for bullish scenarios. Experts encourage investors to “stay confident, hold, or even buy more SHIB,” expressing optimism about the current price levels and their potential for growth.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
