Shiba Inu declined 4.50% in the past 24 hours to trade at $0.00001261, continuing a broader retreat that has pushed the memecoin down 35.5% year-to-date and outside the top 20 cryptocurrencies by market capitalization.
What to Know:
- Analyst MMB Trader identifies two weekly support levels at $0.000010 and $0.000007 that have historically absorbed selling pressure
- The token could rally up to 500% if it breaks above its descending trendline, with initial target at $0.00003364
- SHIB has bounced from the $0.000010 support zone multiple times in 2024, including in March, April, and June
Support Zones Show Historical Strength
Technical analyst MMB Trader highlighted two critical weekly support lines that have repeatedly contained downward pressure on Shiba Inu. The first support sits at $0.000010, while a deeper level rests at $0.000007.
These levels proved their significance during SHIB's dramatic 88% decline from its 2021 peak of $0.00008854. The token bottomed at $0.00000714 in July 2022 before buyers stepped in to halt the selloff. The memecoin returned to this support zone twice in 2023 - once in June and again in October - each time finding enough demand to reverse course.
This year's price action reinforced the importance of the $0.000010 level. SHIB tested this support in March, April, and June, bouncing each time and demonstrating consistent buyer interest at this threshold.
Analyst Projects Steep Upside Targets
The technical analysis outlines a series of price targets contingent on SHIB clearing its descending trendline. The first objective stands at $0.00003364, representing approximately 170% upside from the current price of $0.00001249 at the time of the analysis.
Additional targets extend significantly higher. The second level reaches $0.00005480, marking roughly 330% gains from current levels. The most ambitious target sits at $0.00007716, suggesting potential returns near 500%.
Recent price history provides context for these projections. SHIB surged from $0.00000967 to $0.00004567 on March 5, 2024, riding a broader memecoin rally that captured widespread market attention. The token later recovered to $0.00003343 in December 2024 before pulling back to current levels.
Market Conditions and Trading Dynamics
Current market sentiment presents mixed signals for the cryptocurrency. The Fear & Greed Index registers 60, placing market psychology in the "Greed" territory, though technical indicators currently show a bearish bias.
SHIB's recent performance reflects this uncertainty.
The token posted green days on 14 of the past 30 sessions, translating to a 47% success rate. Price volatility measured approximately 7.02% over the same period, indicating moderate fluctuation compared to other cryptocurrencies.
More conservative forecasting models suggest tempered expectations. One projection places SHIB at $0.00001324 by September 17, 2025, representing modest gains from current levels.
Understanding Cryptocurrency Market Terms
Several technical concepts drive the analysis of Shiba Inu's price prospects. Support levels represent price zones where buying interest has historically emerged to halt declines. These areas often become psychologically significant as traders watch for bounces or breaks.
Trendlines connect successive price highs or lows to identify the general direction of price movement. A descending trendline suggests ongoing selling pressure that must be overcome for bullish momentum to develop. Market capitalization ranks cryptocurrencies by their total value, calculated by multiplying circulating supply by current price.
Volume measures trading activity and often confirms price movements. Breakouts accompanied by rising volume typically carry more conviction than those with declining participation.
Key Factors for Future Direction
The path forward for Shiba Inu depends on several critical elements. Weekly support levels must hold to maintain the bullish thesis outlined by analysts. Should these zones fail, the technical picture could deteriorate rapidly.
Volume and on-chain activity will provide important confirmation signals. Breakout attempts that lack increasing volume often fail to sustain momentum. Traders should monitor exchange inflows and large holder transfers, as significant movements to exchanges frequently precede selling pressure.
The broader cryptocurrency market environment will also influence SHIB's performance. Memecoins often experience amplified moves during periods of heightened market interest, but they also face steeper declines during risk-off periods.
Closing Thoughts
Shiba Inu faces a critical juncture at established support levels that have proven resilient throughout 2024. While analyst projections suggest substantial upside potential if key resistance breaks, the token's recent underperformance reflects broader market uncertainty surrounding speculative digital assets.