- SHIB is trading near its key accumulation zone, showing stability and setting the stage for a possible breakout rally.
- Analysts eye $0.00003296 and $0.00005589 as profit targets, making them crucial price levels to watch in the coming weeks.
- With new listings and global campaigns ahead, SHIB could gain momentum, but failing $0.025 support risks further declines.
Shiba Inu sits at a critical price level now trading at $0.000013, with daily volume near $320 million. Analysts believe the ongoing accumulation phase could be setting up the next explosive move.
Shiba Inu’s historical patterns suggest that long consolidations often precede sharp breakouts. Hence, the current market structure is getting attention from both retail and institutional players.
Price History and Market Trends
Late in October of 2021, Shiba Inu soared to its highest point ever, $0.000085. But the token soon found itself in a protracted downward trend in 2022. As selling pressure mounted, the market consistently made lower highs and lower lows. As a result, SHIB entered a protracted cooling-off period and lost the majority of its speculative impetus.
Source: Bitcoinsensus
In addition, the token spent 2023 and the first half of 2024 stabilizing within a specified accumulation zone. Volume patterns were muted around this time, indicating less activity than during the wild 2021 rally. Furthermore, a maturing market where speculative frenzy progressively gave way to solid posture was reflected in the low volatility.
Current Setup and Key Levels
Recent trading shows SHIB hovering near the lower boundary of the accumulation zone. The token is far below previous highs but still holding strong. Analysts highlight two profit-taking targets for the next breakout. TP1 sits at $0.00003296, while TP2 is projected at $0.00005589. Hence, traders eye these levels as potential zones of heavy activity.
Additionally, funding rates remain neutral, showing balanced sentiment among long and short traders. Open interest spiked during SHIB’s July rally but cooled during consolidation. Moreover, recent liquidations suggest cautious optimism, with shorts slightly outweighing longs.
The next few weeks could define SHIB’s mid-term trajectory. The cryptocurrency can spark fresh positive momentum if it breaks above $0.045. However, additional drops could occur if support near $0.025 is not maintained. Furthermore, future exchange listings and international marketing initiatives might influence Shiba Inu’s next course of action.
