Shiba Inu has been moving in a narrow price range recently, creating uncertainty for investors about the short-term direction. The popular cryptocurrency is trading around $0.000006046 at the time of writing, indicating the asset’s long-running consolidation. Although the price is horizontal at this level, the general trend is still downwards.
Trying to hold on to support level
The price has lost more than 93% of its value since the Shiba Inu peak of $0.0000885 in October 2021. Compared to the level of 0.00004567 dollars reached in March 2024, the loss in value reaches 86%. Despite the sharp declines, signals indicating that there may be a buying direction change in technical indicators have attracted attention in recent days.
Market analysis indicates that the SHIB price has been moving within a descending channel since March 2024. While the upper band of this channel constantly prevented upward price movements, the lower band supported the price recovery. SHIB is currently trading near the bottom of this channel, which coincides with a support point that has repeatedly served as a bottom in recent years.
Recent price movements show that SHIB briefly tested the $0.0000050 level during the year and then recovered. Historically, this area is a support area where the price bottoms out and rises again.
Technical indicators and market activity
A key horizontal support zone remains a key base for the Shiba Inu. This level managed to hold the price more than once during the corrections following the 2021 rises and the bear market in 2023. If the support point is maintained, the possibility that the price may react upwards stands out.
Analysts predict that buying interest may re-emerge if technical support zones continue to be maintained. A move towards the middle band of the channel could push the price of Shiba Inu above $0.000010, representing a more than 80% appreciation from current levels.
On-chain data has shown moderately positive signals, although the outlook remains complex. Open interest volume on the Shiba Inu futures markets increased by 7.4% in the last 24 hours. This movement indicates a revival of interest in the derivatives market and is considered a harbinger of a possible short-term price change.
Large increase scenario in the long term
There has been a significant increase in the amount of Shiba Inu transferred from exchanges to private wallets. In the last day, more than 507 billion SHIBs were removed from exchange accounts and sent to personal wallets. This type of activity is attributed to the strengthening of the long-term storage tendency rather than short-term selling pressure in the market.
Analysts state that if the current momentum increases, $0.000070 levels can be targeted in the long term. If this price target is realized, it would represent an increase in value of close to 1,000% from today’s levels. However, experts also underline that such strong increases are predictive and risky.
Although Shiba Inu may trend sideways in the short term, its hold on important technical support levels has turned attention to the next move. Increasing transaction volume in the market and transitions from the stock exchange to private wallets keep the view that the price may prepare for an upward movement again.
