Shiba Inu (SHIB) Holds Critical Support as Analyst Flags 1,055% Climb to 2021 Levels

Shiba Inu is trading at $0.000006059, and the chart does not make for comfortable reading if you are holding the token. From the October 2021 all-time high of $0.0000885, SHIB is down roughly 93%. 

The token is down 86% from its March 2024 cycle high of $0.00004567. The selling has been prolonged and significant, but several analysts are starting to argue that the conditions for a reversal are quietly forming.

The Channel and the Floor Beneath It

Since peaking in March 2024, SHIB has traded inside a descending channel. Attempts to push higher have repeatedly been rejected at the upper boundary. The lower boundary has held up during the worst of the selling. Right now, the price is pressing against that lower boundary again. In early February, it briefly fell to $0.0000050 before recovering, directly testing the channel’s base.

Running beneath the channel is a horizontal support level with a longer track record. The pattern marked the bottom when SHIB corrected sharply after its 2021 launch and appeared again during the 2023 bear market. Despite the bearish conditions that have dominated recent months, this level has not broken. For some analysts, that persistence is meaningful.

Potential Targets for SHIB

Analyst Celal Kucuker went public with a bullish outlook, grounding it in the technical picture and the size and loyalty of SHIB’s community base. His first target is $0.000010, the midpoint of the descending channel and a psychologically significant round number. 

Reaching it from current levels requires a 65% move. His larger target is $0.000070, which is roughly where SHIB was trading in November 2021 and would represent a 1,055% increase from today’s price.

On-Chain Figures Worth Noting

Futures open interest climbed over 7% in the past 24 hours. That rise in open interest points to growing participation in derivatives markets. Depending on how those contracts are positioned, it can signal an impending price move in either direction. 

Meanwhile, exchange flow data showed a net outflow of around 507 billion SHIB tokens from exchanges to private wallets within the same window. Outflows of that scale typically point toward accumulation and long-term holding rather than short-term selling.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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