Shiba Inu’s future appears precarious unless the token regains a crucial support area, according to Bitcoin advisor Nebraskan Gooner. The warning comes as the broader crypto market eyes a potential rebound, with Bitcoin showing signs of strength. Gooner highlighted a key price range between $0.000014 and $0.00001 as essential for SHIB’s survival. Without reclaiming this zone, he suggests the token’s long-term outlook remains bleak.
Crucial Support Zone Holds Historical Significance
In a post on X, Gooner argued that Shiba Inu is “effectively dead” unless it climbs back into a horizontal band marked in red on his chart. This zone previously acted as multi-year support, where SHIB repeatedly consolidated and surged. The token notably recorded one of its strongest rallies after touching this area in early March 2024, climbing to $0.000045. Since then, SHIB has experienced a sharp decline, revisiting the support range between $0.000014 and $0.00001 earlier this year.
Source: X
Gooner emphasized that losing such a major support level often signals trend exhaustion or a deeper bearish phase. He noted that once a key support area breaks, it can flip into strong resistance, making upward recovery difficult. Consequently, he warned that failing to rebound into this critical zone could render SHIB “dead,” as any rally may lack momentum.
Currently, Shiba Inu trades at $0.000008551, around 33–38% below the $0.000013–$0.000014 support range. The token has dropped 5.27% in the past 24 hours.
SHIB price chart, Source: CoinMarketCap
Market commentators on Gooner’s post noted that SHIB’s situation mirrors a broader trend, with most altcoins appearing stalled during the current market phase. Some argued that recovery may remain limited until the next altcoin season begins.
Recovery Hinges on Team Strategy and Bitcoin Movement
Despite the bearish outlook, some community members believe SHIB could replicate its 2021 surge if the project’s team refocuses its efforts. Zach Humphries highlighted the need for Shiba Inu’s ecosystem initiatives to center around SHIB. He emphasized positioning the token to capture renewed retail interest and developing a clear, actionable roadmap to restore past momentum.
Analysts also suggest that Bitcoin’s performance could influence SHIB’s trajectory. Captain Faibik recently predicted that Bitcoin might rebound from $90,000 to $125,000 later this week. Such a rally could provide the broader crypto market, including SHIB, with the momentum needed to recover lost ground. However, Gooner maintains that without regaining the $0.000014–$0.00001 support zone, Shiba Inu’s long-term prospects remain uncertain.
Source: X
Source: https://coinpaper.com/13022/shib-is-dead-unless-it-reclaims-key-support-zone-warns-bitcoin-advisor
