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Shiba Inu is approaching a critical support area that analysts say could trigger a major reversal. The meme coin recently lost upward momentum, yet its return to a long-standing demand zone has revived bullish projections. $SHIB has reacted strongly at this level several times in past cycles. The historical patterns support a case for another significant move if current support holds.
Historical Support Returns to the Spotlight
Analyst Crypto Patel reported that Shiba Inu has slipped back into what he called a “mega support” zone between $0.0000080 and $0.0000060. He argued that the move could mark the start of a new trend despite the token’s recent underperformance. $SHIB rallied to $0.00000952 last week before a sharp rejection linked to Bitcoin’s pullback. The token then dropped 12.3% and closed the week at $0.00000834, failing to extend a 6.6% gain recorded earlier.
At the time of writing, $SHIB is trading at around $0.000008475, suggesting a 0.52% decline in the last 24 hours.
$SHIB Price chart, Source: CoinMarketCap
Patel pointed to past cycles to justify his outlook. He noted that $SHIB retested this zone in July 2021 and consolidated for months. The token later broke out in October 2021 and gained more than 1,237% on its way to an all-time high of $0.0000885. He also highlighted June 2022, when $SHIB fell to $0.00000714 before staging a 152% rally to August 2022’s high of $0.0000180.
Source: X
A similar pattern followed in 2023. The token climbed toward $0.0000113 in August before dropping again to the support zone in October. $SHIB then surged 575% to the March 2024 peak of $0.0000456. Patel said these consistent rebounds reinforce the relevance of the current retest and support a bullish projection.
Analyst Maps Out Four Possible Price Scenarios
Patel outlined four scenarios that depend on how $SHIB interacts with the support range. The first scenario depicts a rally from the lower boundary near $0.0000060 to the high of December 2024, at $0.0000334. He said this move would deliver a 456% increase from the lower support limit. The second scenario projects a rise from $0.0000060 to $SHIB’s 2021 peak of $0.0000885. That path signals a potential 1,375% surge from the lower boundary and a 943% gain from the current price of $0.00000848.
The upper boundary also presents two outcomes. If $SHIB rebounds from $0.0000080, Patel said an advance to the March 2024 peak of $0.0000456 would mark a 470% rise. A move toward the all-time high of $0.0000885 from the same starting point signals a possible 1,006% rally. He suggested that either scenario from the upper boundary could unfold within six months if the support area holds.
Patel maintained that Shiba Inu’s past behavior around this zone remains a strong reference point for market expectations. He added that the retest signals a potential turning point as long as buyers continue to defend the support area.