Shiba Inu (SHIB) Approaches Critical Support Level: Is it Time to Buy?

Shiba Inu (SHIB) experienced a decline to a key historical support zone, leading to renewed discussions between analysts about potential buying opportunities. The token had been in a prolonged downturn, dropping over 60% from its September 2024 peak of $0.00001484 to $0.00000582, before correcting to the current price of 0.00000623. 

While the correction shows renewed interest and investor confidence, the support zone remains an essential reference for accumulation potential. 

Analysts have emphasized that SHIB now trades within a support band spanning approximately $0.0000066 to $0.0000051. In previous years, this area acted as a base for the token, providing a reference point for potential rebounds. 

According to TradingView contributor Caro (Vivaforexwithcaro), the token’s position within this zone, combined with the trendline of a broader bearish channel, suggests that SHIB is testing a structural low. Historical data show that this support has remained intact over several years, further emphasizing its significance.

Key Technical Patterns

Adding to the technical outlook, SHIB appears to be following a Gartley harmonic pattern on the charts. This structure is defined by sequential ABCD price swings, where the current corrective D wave typically represents the final bearish leg before a potential reversal. The A wave corresponded with the March 2024 high of $0.0000456, followed by the B wave decline to $0.0000183 in August 2024. 

A lower high C wave pushed the token to $0.0000332 in December 2024, while the current D wave is consolidating near the present support zone. According to harmonic pattern principles, a successful completion of the D wave can precede a bullish breakout, although timing and magnitude are uncertain.

Despite the apparent technical setup and price correction, it is still important to maintain caution. Exchange reserve data from CryptoQuant shows that SHIB withdrawals have been limited, and recent activity points to distribution rather than accumulation. 

This indicates that, although the token is near a historically strong support zone, sustained buying pressure has yet to be maintained. Without sufficient market participation, even well-established support levels can fail to prevent further declines.

Favorable Entry Point

Analyst commentary suggests that the current price area could present a favorable entry point for traders considering long-term positions, emphasizing that this could be an opportune moment for accumulation. 

However, the outlook is speculative, and investors are advised to weigh the risks associated with persistent market weakness. Past patterns and technical structures show the importance of the $0.0000066–$0.0000051 range, but there is no guarantee that the support will hold or that a further rebound will follow immediately.

Shiba Inu has experienced a price correction, and some analysts see this as an opportunity to accumulate. Yet, market participants must remain alert to price changes and the broader market trend until clear bullish momentum is seen.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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