Shiba Inu (SHIB) price continues to decline, dropping 7% to around $0.00001380. However, one well-known analyst thinks this pullback might be an opportunity for investors.
Current Market Situation for SHIB
Analyst CJ stated that he is keeping an eye on the price zone of SHIB, which is currently active. He expressed confidence that the market situation could improve. CJ noted that he is looking for long entries between $0.0000142 and $0.0000128, which he refers to as the 'mid-range demand zone.'
SHIB Price Range
Since February, SHIB has been trapped in a range between $0.00001004 and $0.00001764. The price has tested both boundaries several times but hasn't managed to break out in either direction. In April and June, SHIB's price fell near the bottom of the channel but bounced back. The current dip has brought SHIB back to the middle of this range.
SHIB Rebound Prospects
CJ forecasts that the SHIB price may dip slightly deeper into the demand zone before reversing higher. His outlook points toward a move back to $0.00001764, and if that level breaks, the next target is $0.0000190, representing over a 34% gain from the current price. The analyst also sees potential for movement toward higher levels if SHIB breaks the $0.0000190 resistance.
Traders are keen to see if SHIB can regain upside momentum after the recent drop. It will be interesting to observe whether this price zone indeed marks the beginning of a new rebound.
