Shiba Inu (SHIB) Price Prediction: Analysts Are Monitoring Key Support as a Potential Buy Zone

Analysts are monitoring key Shiba Inu support as a potential buying zone, with bullish price targets extending to $0.00007380.

Shiba Inu (SHIB) has come under selling pressure in recent times, extending recent losses.

Shiba Inu (SHIB) remains under selling pressure as its price continues to decline, extending recent losses.

Shiba Inu Is a Good Buy Now

Over the past 24 hours, SHIB has fallen by 2.2%. The token has also dropped 18.1% in the last 14 days and 19.7% over the past month.

Shiba Inu’s long-term performance shows a 64.9% decline over the past year, signaling persistent bearish sentiment.

Currently, Shiba Inu is trading around $0.00001231, following a drop to $0.00001155, where it found temporary support before rebounding.

The price action reflects broader market weakness, with SHIB struggling to maintain upward momentum.

Notably, according to an analytic account on TradingView, The Hunters_Company, SHIB had been trading within a falling wedge pattern, a bullish reversal structure, which broke in early 2024, leading to a strong upward move.

However, the price has since corrected back to key support levels. Now, the analyst argued that Shiba Inu has entered a significant buying opportunity zone at current levels.

Shiba Inu Resistance Levels and Price Targets

Shiba Inu faces multiple resistance levels that could define its price trajectory. The first major resistance is at $0.00001693. A breakout above this level would indicate growing bullish momentum.

Further resistance is at $0.00002485, marking a crucial mid-term level. If SHIB surpasses this resistance, it could move toward $0.00004022, a previous high. The long-term target based on Fibonacci projections stands at $0.00007380.

Elsewhere, trends shared by Ali Martinez on March 7 highlight a significant rally in November when SHIB surged past $0.