Shiba Inu has returned to a key demand zone that has historically triggered significant price surges. At the time of writing, SHIB trades at around $0.00000800, a level that has marked cycle bottoms throughout its trading history.
This price area has proven crucial for SHIB investors. Past bounces from this zone have generated average gains of 640%. The current test represents the third major interaction with this support level.
Technical Formation Points to Potential Breakout
The extended consolidation has created a falling wedge pattern approaching its apex. This structure typically precedes upward price movements when support levels hold.
Price action over recent weeks has shaped a bullish head-and-shoulders formation. The latest bounce has established a higher low, suggesting the right shoulder is developing. This pattern reinforces the broader bullish thesis.
The RSI indicator currently sits just below the neutral 50 mark. Despite this dip, the indicator maintains an upward trend that points to potential momentum recovery. Technical analysts view this positioning as a setup for renewed buying pressure.
The MACD has recently crossed below its signal line. However, this development occurred near elevated levels where previous consolidation phases began. Market observers interpret this as a temporary pause rather than a trend reversal.
Price Targets Align with Historical Performance
A successful defense of the $0.0000068 support zone would activate upside scenarios. The initial breakout target sits at the psychological $0.00001 threshold, where the upper boundary of the wedge pattern resides.
A confirmed break above this level opens the path to $0.000033. This target represents a 320% advance from current levels. The projection aligns with historical performance metrics from previous breakout events.
Extended bull market conditions could push gains toward all-time highs. The token’s record peak near $0.000042 represents a potential 490% rally from present prices. This scenario requires sustained momentum across the broader cryptocurrency market.
The $0.00001 level must convert to support before the full rally materializes. This price point serves as a critical milestone that would confirm bullish momentum.
Source: https://coinpaper.com/13942/shiba-inu-price-analysis-can-shib-deliver-320-returns-from-current-levels
