Shiba Inu Still Lives: Analyst Highlights Key Areas for Bearish Trend Reversal

Prominent meme coin Shiba Inu has held a crucial support zone, sparking speculations of a bearish trend reversal to greater heights.

While Shiba Inu has been in a clear consolidatory phase, recent analysis suggests the token “still lives.” Notably, SHIB is down 4.3% in the past seven days, 20.3% over the last 30 days, and 52.7% since the start of the year, clearly indicating a downward trend.

Shiba Inu Holds Key Support

Nonetheless, pseudonymous analyst “ForexDremVantage” has insisted that all hope is not lost for Shiba Inu bulls. He shared that the meme coin has held a critical support zone around $0.000010. As a result, prices could still rebound.

But the analyst predicted Shiba Inu would seek that support, which marks a 20% increase from the current market price of $0.00000992. He maintained that reclaiming the zone would mark a resumption of an upward push for SHIB.

However, this is just one of the several areas of potential selling pressure for Shiba Inu. Should the price start moving upwards, the next resistance point is the descending trendline, which has impeded higher prices for the meme coin since it dropped from May’s high of $0.00001765.

The accompanying chart shows that the trendline currently lies around $0.000013, representing a 31% growth from here. Breaking above the trendline would see Shiba Inu target the “trend reversal zone.”

Shiba Inu Crucial Zones## This Zone Would Mark a Momentum Shift for Shiba Inu

Additionally, the market watcher highlighted an area that will shift momentum from bearish to bullish for Shiba Inu if it attains it. This trend reversal area lies at the May 12 peak price of $0.00001765, a 78% rise from here.

Breaking above the crucial resistance would confirm bullish momentum and pave the way for rallies to greater heights. Meanwhile, the chart also identified levels at $0.000020 and $0.000025 as subsequent targets if SHIB sustains the price rally.