Shiba Inu is approaching a critical support area that analysts say could trigger a major reversal. The meme coin recently lost upward momentum, yet its return to a long-standing demand zone has revived bullish projections. SHIB has reacted strongly at this level several times in past cycles. The historical patterns support a case for another significant move if current support holds.
Historical Support Returns to the Spotlight
Analyst Crypto Patel reported that Shiba Inu has slipped back into what he called a “mega support” zone between $0.0000080 and $0.0000060. He argued that the move could mark the start of a new trend despite the token’s recent underperformance. SHIB rallied to $0.00000952 last week before a sharp rejection linked to Bitcoin’s pullback. The token then dropped 12.3% and closed the week at $0.00000834, failing to extend a 6.6% gain recorded earlier.
At the time of writing, SHIB is trading at around $0.000008475, suggesting a 0.52% decline in the last 24 hours.
SHIB Price chart, Source: CoinMarketCap
Patel pointed to past cycles to justify his outlook. He noted that SHIB retested this zone in July 2021 and consolidated for months. The token later broke out in October 2021 and gained more than 1,237% on its way to an all-time high of $0.0000885. He also highlighted June 2022, when SHIB fell to $0.00000714 before staging a 152% rally to August 2022’s high of $0.0000180.
Source: X
A similar pattern followed in 2023. The token climbed toward $0.0000113 in August before dropping again to the support zone in October. SHIB then surged 575% to the March 2024 peak of $0.0000456. Patel said these consistent rebounds reinforce the relevance of the current retest and support a bullish projection.
Analyst Maps Out Four Possible Price Scenarios
Patel outlined four scenarios that depend on how SHIB interacts with the support range. The first scenario depicts a rally from the lower boundary near $0.0000060 to the high of December 2024, at $0.0000334. He said this move would deliver a 456% increase from the lower support limit. The second scenario projects a rise from $0.0000060 to SHIB’s 2021 peak of $0.0000885. That path signals a potential 1,375% surge from the lower boundary and a 943% gain from the current price of $0.00000848.
The upper boundary also presents two outcomes. If SHIB rebounds from $0.0000080, Patel said an advance to the March 2024 peak of $0.0000456 would mark a 470% rise. A move toward the all-time high of $0.0000885 from the same starting point signals a possible 1,006% rally. He suggested that either scenario from the upper boundary could unfold within six months if the support area holds.
Patel maintained that Shiba Inu’s past behavior around this zone remains a strong reference point for market expectations. He added that the retest signals a potential turning point as long as buyers continue to defend the support area.
Source: https://coinpaper.com/12958/shiba-inu-drops-to-critical-level-that-sparked-massive-rallies-before-history-about-to-repeat
