- SHIB found strong support between $0.00000741 and $0.00000767, triggering a short-term bounce.
- Analyst predicts potential 11.2% rally toward $0.00000890 if support holds.
- Token burn surge and ecosystem activity may provide additional bullish momentum for SHIB.
Shiba Inu has been facing steady bearish pressure in recent weeks, leaving traders cautious but alert. After four consecutive red weekly candles, SHIB recorded an 11.8% correction last week. The token has retraced 20% since November 1, with a year-to-date drop of 62%. Despite the downturn, the market shows signs of a potential relief bounce. Traders are now watching closely for critical support reactions that could spark a short-term rally.
Shiba Inu Holds Key Support
Recent analysis from Lingrid on TradingView highlights a potential buying zone for SHIB. Prices dropped to the lower boundary of a descending channel on the 4-hour chart, reaching $0.00000755 last week. Bulls defended the support between $0.00000741 and $0.00000767, pushing the token to $0.00000803. This bounce shows early absorption, suggesting SHIB could find footing before attempting higher levels.
The reaction at this support zone strengthens confidence in a short-term recovery. While the broader market remains bearish, the bounce indicates that buyers are stepping in at lower levels. Lingrid notes that SHIB may target an 11.2% rally to $0.00000890, provided the support zone holds. The demand range acts as a key trigger, with sustained trading above it critical for upward momentum.
Bitcoin stability also plays a role in this potential rally. Lingrid emphasizes that broader market weakness could limit recovery efforts. Traders watching SHIB should monitor both the support zone and Bitcoin’s performance for clues. The next resistance aligns with the descending channel’s trendline, which could spark further uptrends if reclaimed.
Shiba Inu Buy Opportunity and Outlook
Traders considering SHIB should note that failing to reclaim resistance may keep the token consolidating near the lower support. Prolonged consolidation could eventually lead to a breakdown and lower price levels. However, ecosystem developments may provide additional bullish catalysts. Daily burn rates for SHIB have surged by 859%, reducing circulating supply and potentially supporting price action.
Short-term momentum may favor traders who enter near the lower support zone. Analysts suggest targeting $0.00000890 while maintaining risk management strategies. This level represents both a technical and psychological barrier for traders to watch closely.Overall, the combination of strong support, quick bounce, and token burn activity offers an interesting setup. Traders should remain cautious of broader market movements, yet the current scenario presents a potential entry point.
Monitoring Bitcoin’s stability, liquidity around the lower support, and resistance near the trendline can help refine trading strategies. Shiba Inu’s short-term outlook hinges on holding critical support and absorbing selling pressure efficiently. This setup demonstrates how a carefully defended support zone can provide opportunity amidst bearish conditions. SHIB’s movement near $0.00000741-$0.00000767 indicates a chance for a relief rally.
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