Shiba Inu (SHIB) Price Could Launch Toward $0.0001 Price Area Once Recovery Push Gains Momentum

Some market analysts believe that Shiba Inu Coin (SHIB) could shoot towards the $0.0001 price area once the recovery push gains momentum.

Market analysts are optimistic about Shiba Inu's (CRYPTO: SHIB) potential to rally toward the $0.0001 price region as its recovery momentum builds.

Market analysts are optimistic about Shiba Inu's (CRYPTO: SHIB) potential to rally toward the $0.0001 price region as its recovery momentum builds.

Shiba Inu has been on a bearish trajectory since May 29, when it attempted to reclaim the $0.00003 level during a retest of the $0.000029 zone. This downtrend is primarily attributed to the broader crypto market sell-off, which pushed Bitcoin (CRYPTO: BTC) below $65,000.

Shiba Inu has been on a bearish trajectory since May 29, when it attempted to reclaim the $0.00003 level during a retest of the $0.000029 zone. This downtrend is primarily attributed to the broader crypto market sell-off, which pushed Bitcoin (CRYPTO: BTC) below $65,000.

Shiba Inu's sustained downtrend, compared to Bitcoin's, is likely due to SHIB's higher volatility, as observed in its 29% decline this month, wiping out the 13% gain seen in May.

Shiba Inu's sustained downtrend, compared to Bitcoin's, is likely due to SHIB's higher volatility, as observed in its 29% decline this month, wiping out the 13% gain seen in May.

During the May price action, Sam TCR, a market analyst, projected an imminent rebound on TradingView, suggesting that Shiba Inu could reclaim and surpass the yearly peak of $0.000045. At the time, SHIB was trading at $0.00002279, aiming to breach the resistance at $0.00002320.

During the May price action, Sam TCR, a market analyst, projected an imminent rebound on TradingView, suggesting that Shiba Inu could reclaim and surpass the yearly peak of $0.000045. At the time, SHIB was trading at $0.00002279, aiming to breach the resistance at $0.00002320.

While Sam TCR anticipated a breakout move, he highlighted the possibility of further price declines below the $0.000022 level, which could occur with the resurgence of sellers. According to the analyst, such a downward push would drive Shiba Inu toward the $0.00002 support with increasing bearish momentum.

While Sam TCR anticipated a breakout move, he highlighted the possibility of further price declines below the $0.000022 level, which could occur with the resurgence of sellers. According to the analyst, such a downward push would drive Shiba Inu toward the $0.00002 support with increasing bearish momentum.

This projection materialized on June 13, as SHIB plummeted to a low of $0.00002095. The downtrend continued until the $0.00002 support was breached. The bears also conquered the $0.000019 level, pushing Shiba Inu to the lower spectrum of the $0.000018 price zone.

This projection materialized on June 13, as SHIB plummeted to a low of $0.00002095. The downtrend continued until the $0.00002 support was breached. The bears also conquered the $0.000019 level, pushing Shiba Inu to the lower spectrum of the $0.000018 price zone.

Shiba Inu now trades at $0.00001801, on the verge of losing the $0.000018 level. Despite this, Sam TCR projects an imminent reversal, with his target set at the $0.0001 price goal. One factor supporting this anticipated reversal is Shiba Inu's oversold position.

Shiba Inu now trades at $0.00001801, on the verge of losing the $0.000018 level. Despite this, Sam TCR projects an imminent reversal, with his target set at the $0.0001 price goal. One factor supporting this anticipated reversal is Shiba Inu's oversold position.

The recent price crash has driven Shiba Inu's relative strength index (RSI) below 30, currently at 29.03 at the time of writing. ThisRSI figure indicates that Shiba Inu is extremely oversold, marking the lowest level recorded by SHIB's RSI this year.

The recent price crash has driven Shiba Inu's relative strength index (RSI) below 30, currently at 29.03 at the time of writing. ThisRSI figure indicates that Shiba Inu is extremely oversold, marking the lowest level recorded by SHIB's RSI this year.

Moreover, the Shiba Inu Commodity Channel Index (CCI) has also dropped to a significantly low level, currently at -111. This further confirms the notion that Shiba Inu is in an oversold region, which typically leads traders and market analysts to expect a rebound that could help SHIB reclaim lost ground.

Moreover, the Shiba Inu Commodity Channel Index (CCI) has also dropped to a significantly low level, currently at -111. This further confirms the notion that Shiba Inu is in an oversold region, which typically leads traders and market analysts to expect a rebound that could help SHIB reclaim lost ground.

SHIB Knight, a Shiba Inu community figure and market analyst, also anticipates a looming rally toward $0.0001. Data from his chart suggests that Shiba Inu could record a choppy yet decisive push to the $0.0001 territory once it breaks out of the current market position.

SHIB Knight, a Shiba Inu community figure and market analyst, also anticipates a looming rally toward $0.0001. Data from his chart suggests that Shiba Inu could record a choppy yet decisive push to the $0.0001 territory once it breaks out of the current market position.

See you at 0.0001 $SHIB 🫡 pic.twitter.com/2gcHZ3TUr8

See you at 0.0001 $SHIB 🫡 pic.twitter.com/2gcHZ3TUr8

— $SHIB KNIGHT (@army_shiba) June 20, 2024

— $SHIB KNIGHT (@army_shiba) June 20, 2024

Additionally, Michael, another prominent market observer, previously stated that SHIB could engineer a run to $0.0001011 once it breaks out of its bull flag on the weekly timeframe. Meanwhile, Shiba Inu trades flat over the last 24 hours, struggling to retain the $0.000018 support level, as a decisive push below it could lead to further losses.

Additionally, Michael, another prominent market observer, previously stated that SHIB could engineer a run to $0.0001011 once it breaks out of its bull flag on the weekly timeframe. Meanwhile, Shiba Inu trades flat over the last 24 hours, struggling to retain the $0.000018 support level, as a decisive push below it could lead to further losses.