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Shiba Inu (SHIB), the second-largest meme coin, boasts a major support level that it needs to maintain amid the prevalent market uncertainty.
For context, market analysts such as Ali Martinez have highlighted the $0.0000193 to $0.0000215 range as an important zone that SHIB must defend to maintain its bullish trajectory.
SHIB’s Historical Battle
In a recent video analysis, Martinez called attention to the historical importance of this range. Notably, between October 2021 and April 2022, this price zone served as support, holding off major bearish pressure as Shiba Inu declined from its all-time high of $0.000088 in late October 2021.
During this period, SHIB ranged between $0.000033 and $0.000019, with this support range acting as a foundation. However, the collapse of the Terra ecosystem in May 2022 triggered a contagion in the broader crypto market, breaking this support range for SHIB.
This shift flipped the support zone into resistance and marked the start of a prolonged bear market for the token. For more than two years, SHIB battled the $0.00001 mark, unable to reclaim the $0.0000193 to $0.0000215 range.
Now, in 2024, Martinez noted that this price zone regained prominence. In March, SHIB pushed above it during the meme coin craze then, hitting a new yearly peak of $0.000045 in early March. However, a subsequent pullback pushed the token below this range once again.
Despite this, Shiba Inu managed to hold above $0.00001, setting the stage for a potential recovery. In October 2024, SHIB flipped the $0.0000193 to $0.0000215 range back into support after serving as resistance throughout the summer.
This bullish move followed an impressive price surge after the U.S. presidential election in November, which saw pro-crypto GOP candidate Trump emerge as the victor. With renewed momentum, SHIB reached a high of $0.000033 in early December.
Shiba Inu Must Maintain $0.0000193 to $0.0000215
Nonetheless, the recent market-wide correction has tested SHIB’s resilience. Despite this, the token has managed to stay above the critical support zone, and Martinez believes this confirms its role as a foundation for the uptrend.
He highlighted the importance of maintaining this range. According to him, if SHIB fails to hold above this level, it could face a bearish reversal.
Interestingly, data from IntoTheBlock reveals that below the $0.0000193 to $0.0000215 range, there is a weaker demand wall between $0.000019 and $0.000020.
This area is supported by about 19,610 addresses holding 17.9 trillion tokens. While this zone might present temporary relief, its strength is actually negligible against sustained bearish momentum.
Shiba Inu Shows Short-Term Bullishness
Meanwhile, another analyst, Bluntz Capital, shared a bullish perspective last month, noting SHIB’s strong and controlled uptrend. According to him, the token has not yet experienced a parabolic breakout but is showing clear signs of accumulation.
$shib looks insanely strong, its obviously in a solid uptrend but its been a controlled one, no parabolic break…… YET.
but its coming, shib/btc pair also accumulating at rock bottom.
legit think this will pull multiple X's
longing this on bybit, shameless ref link plug 👇… pic.twitter.com/Xv4wO1yEkN
— Bluntz (@Bluntz_Capital) December 7, 2024
The market watcher predicts multiple price increases in the near future, citing the SHIB/BTC pair as evidence of growing potential. At press time, Shiba Inu trades for $0.00002216, up 1.9% this morning and battling to transcend the $0.000022 level.
CW, another analyst, pointed to the importance of overcoming the sell wall at $0.000022. He believes breaking through this resistance will mark the start of a major uptrend. His target price for SHIB is $0.000035, a 58% rise from current prices.