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Shiba Inu Price Gearing Up To Fly After Lows, Here's The Target
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Shiba Inu Price Gearing Up To Fly After Lows, Here’s The Target

Scott Matherson
Scott Matherson
4 months ago
3 mins read
Shiba Inu price

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Recent technical analysis suggests that the Shiba Inu price may be preparing for a bullish rally, as the second-largest meme coin shows signs of a recovery from a correction phase. With key support levels established, a crypto analyst has projected a new bullish price target for Shiba Inu (SHIB).

Shiba Inu Price Targets $0.000033 And Beyond

On Tuesday, a TradingView crypto analyst, known as the ‘Real_CryptoRoy’, declared that Shiba Inu is getting ”ready to fly,” highlighting its potential for a significant price recovery to new highs. The analyst believes that Shiba Inu’s first major milestone for 2025 will be a climb above $0.000025, a critical level that would confirm its bullish position. 

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If this crucial price point is reclaimed, the TradingView analyst suggests it could set the stage for Shiba Inu to retest a new resistance zone at $0.000033. This critical price level is one of Shiba Inu’s recent highs, achieved during a period of explosive growth and heightened demand.

The TradingView crypto expert shared a price chart, highlighting that a break of the aforementioned resistance level, accompanied by strong trading volume, could pave the way for future gains and a larger bullish trend that could push Shiba Inu to new price highs. 

Shiba inu
Source: TradingView

While he maintains a confident stance on his bullish outlook for Shiba Inu, the analyst has also highlighted the influence of Bitcoin’s price action and dominance on Shiba Inu’s performance. For instance, if Bitcoin remains stable or bullish, it could create favorable conditions for Shiba Inu and other altcoins to rally. Conversely, if Bitcoin turns bearish, Shiba Inu could also experience price declines and volatility. 

For mid-term investors, the current price near $0.00002 may present an opportunity to accumulate Shiba Inu at a low cost while watching its movements closely. The analyst has also highlighted the importance of key resistance and support levels, forecasting that Shiba Inu is preparing for a significant recovery.  

SHIB Finds Support Amidst Correction  

While sharing his bullish forecast for Shiba Inu, the ‘Real_CryptoRoy’ disclosed that the meme coin is currently in a correction phase after crashing 35% from its local high of $0.000033 and consolidating above $0.00002. 

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The TradingView analyst revealed that the $0.00002 level was a crucial support zone for Shiba Inucrucial support zone for Shiba Inu, which the meme coin has tested twice. Typically, when a cryptocurrency successfully tests a support level multiple times, it indicates that buyers are stepping in to defend this level and prevent further drawbacks. 

This support zone, highlighted by the orange circles on the analyst’s chart, signals a potential local bottom for Shiba Inu. The TradingView crypto expert has noted that Shiba Inu’s present correction phase could present an attractive buying opportunity for investors who aim to capitalize on low prices and potential upward movement.

The analyst also pointed out that Shiba Inu’s price performance on the previous day was noteworthy, as it avoided falling below its prior low. Instead, the meme coin established a “higher low”, indicating that selling pressures may be waning and its correction could be nearing its end. 

Shiba Inu price chart from Tradingview.com
SHIB price drops to $0.000021 | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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