Shiba Inu 589% Surge Possible If It Trades Above This Make-or-Break Zone

Shiba Inu ($SHIB) is retesting a critical price range that has acted as a support base since early 2022. Actions at this level will determine if it could soar to higher grounds from here.

According to technical analyst Crypto Nuclear, the current level between $0.00001090 and $0.00001190 is a major demand zone. What happens next could define $SHIB’s trend for the remainder of the year with a possible price surge up to $0.00008836.

Shiba Inu Returns to Key Demand Zone; Upside Targets if Support Holds

Crypto Nuclear called attention to the long-term support area. The range has been tested multiple times since 2022, each time helping to stabilize the price and absorb selling pressure.

The analyst projected $0.00007870 and $0.00008836 as the long-term target, a 514% to 589% uptick from the current price. This area is a key supply zone and aligns with previous $SHIB price peaks.

Notably, Shiba Inu is trading at $0.00001281, a 3.5% rise in the past day, increasing its monthly gain to 8.3%. A confirmed breakout above $0.00001580, particularly with increased volume, could signal a trend reversal and possibly end the extended consolidation.

Risk of Breakdown Remains for Shiba Inu

Despite signs of accumulation, the risk of a bearish breakdown is still present. If $SHIB drops below $0.00001090, it could signal trend weakness and trigger a deeper correction.

Crypto Nuclear identified lower support zones at $0.00000900, $0.00000700, and $0.00000550. A fall into this range may suggest the market is shifting from accumulation to a distribution phase, where lower lows become more likely.

Crypto Nuclear suggests the current structure resembles a Wyckoff-style spring, a pattern that typically precedes bullish expansion. This setup involves a fake-out below support before a sharp rally begins.

Other Analysts Predict Shiba Inu’s Price

Meanwhile, according to analyst Javon Marks, Shiba Inu may be preparing for a breakout after confirming a bullish divergence on the two-day chart. Marks projects a 156% rally from the confirmation level near $0.0000125, targeting $0.000032, a level not seen since March 2024.

Meanwhile, analyst Jonathan Carter noted that Shiba Inu is now consolidating above a key support zone between $0.00001050 and $0.00001250, an area that has historically attracted buyer interest.

Carter views this as an accumulation phase and says holding this support could lead to a sustained rally. He identifies potential resistance targets at $0.00001400, $0.00001750, $0.00002050, and $0.00002500.

Jonathan Carters target for $SHIB

Notably, Shiba Inu could see a 516% surge if its market cap hits $45 billion, according to Jake Gagain. This would push the price to $0.00007636, nearing its 2021 peak. From June’s low of $0.00001004, the move would mark a 660% gain. Analyst Hunters Company shares a similar target, citing a rebound from key support.