Market experts continue to make predictions for cryptocurrencies, with Shiba Inu being one of the major subjects of analysis. This article examines the support and resistance levels of this meme cryptocurrency.
Current Price Analysis of Shiba Inu
Shiba Inu trades within a narrow range between $0.00001142 and $0.00001229. The cryptocurrency is experiencing downward pressure, resulting in a 1.02% decrease in price over the last 24 hours and a 9.33% drop over the past week. The pseudonymous analyst 'Pepe is Friend' believes that SHIB is approaching a critical support zone that could serve as a basis for price recovery from current levels.
Historical Support Patterns
Historical precedent highlights the importance of this support zone. In April 2024, Shiba Inu fell below the $6.08 billion market cap threshold. However, bears failed to maintain pressure at these levels, leading to a price rebound that validated the support zone's effectiveness. The analyst anticipates consolidation if SHIB reaches this region again.
Forecasts and Potential Scenarios
Shiba Inu faces significant resistance around the $10 billion market cap level. Previous attempts to move upward have repeatedly met this barrier. If SHIB breaks through the $10 billion resistance, it could trigger a price increase to around $0.00001696. Conversely, there are risks of a collapse to the $0.00000630 support level.
The key support and resistance levels for Shiba Inu play a crucial role in its future market movement. Monitoring these levels may provide investors with valuable insights into potential price directions.
