- Shiba Inu tests critical support at $0.00002779, with upside targets at $0.000074.
- A breakout above SHIB’s trendline could drive a 150% rally whereby failure risks a 62% drop.
- Market momentum heading into 2025 could determine SHIB’s fate amidst bearish sentiment.
Shiba Inu (SHIB) is currently gaining publicity from investors as it holds on to its crucial support area in the bearish trend. While the meme coin is currently valued at $0.00002795, it is struggling to maintain a price range. Experts state that this time could bring substantial growth in the price of SHIB or its decline, as it is rather unpredictable.
Current Market Conditions and Key Levels
Recently, the cryptocurrency market declined, which had an impact on the SHIB’s price surge. According to $SHIB KNIGHT, an analyst, the token is currently trading at the $0.00002779 support level, and possible targets are at $0.00003221, $0.00003501, $0.00003950.
Historically, bullish market behavior often emerges during weekends in a bull cycle, which has sparked optimism among proponents. However, market conditions remain precarious, with Shiba Inu recording a 10% decline this week.
Bullish Potential: A Breakout Opportunity
Trading View market analyst PouyanTradeFX highlights that SHIB is testing a crucial trendline that has influenced its price since 2021. This is however simply a continuation of a trendline that was first created shortly after Shiba’s all-time high of $0.00008616 back in October 2021 which was also the price at which it has since attempted to recover.
If SHIB can break out above this massive trendline SHIB could soar over 150% to over $0.000074, which would be a huge rebound for the token.
This bullish scenario aligns with broader expectations for sustained market momentum heading into 2025. Such a rally could reignite investor confidence and potentially bring SHIB closer to its previous highs. However, the ability to sustain a breakout remains uncertain given the prevailing bearish sentiment.
Risks of a Downward Spiral
Despite the optimistic outlook, the risk of a downward movement remains significant. PouyanTradeFX warns that if SHIB fails to break the trendline, it could face a steep 62% decline, potentially plummeting to $0.000011. This potential freefall underscores the importance of the current support level and the need for strong buying pressure to counter selling momentum.