Analysts Sees SHIB Holding Key Support, Rally Potential on Strong Buying

• Analysts report that SHIB maintains support at and above the important $0.000013 support level despite recent bearish trends in the market.
• Technical analysis indicates that a rally can be triggered by a buying pressure in the support region and can push SHIB’s price to approximately $0.000020.
• Bollinger Bands and Stochastic RSI levels indicate that SHIB is in a vulnerable position, and technical indicators are being followed by investors.

The major $0.000013 support level of Shiba Inu ($SHIB) continues to remain stable despite the current bearish market condition. The technical indicators predict a growth to $0.000020 based on steady growth in buying activity.

Technical Overview

A tweet from crypto analyst Ali_charts noted that $SHIB is holding strong above the key support zone. The tweet indicates that the asset is testing its lower boundary repeatedly. Technical analysis shows that $SHIB has formed lower highs and lower lows during recent sessions. Price action remains in a corrective phase following previous bullish rallies.

Current support is identified between $0.00001300 and $0.00001350. The asset has tested this range multiple times without a weekly candle closing below it. Resistance is observed at $0.00002100 and $0.00003200. A move above $0.00002100 would set the stage for a potential rally toward higher targets.

Indicator Analysis and Market Data

Bollinger Bands indicate that the lower band is near $0.00001025. The middle band, positioned around $0.00002104, acts as resistance during recovery attempts. Stochastic RSI readings remain below 20, with the blue line at 0.13 and the orange line at 0.93. These figures may signal oversold conditions and a possible short-term bounce if a bullish crossover occurs.

Source : TradingView

Market data shows that $SHIB trades at $0.00001356 as of writing. The asset recorded a 0.14% decline over the last 24 hours and a 1.38% gain during the past week. Trading volume reached approximately $269,686,142 in the last day.
 

Price action continues to remain near key support as the market absorbs recent declines. Traders look for a confirmed close above $0.00002100 to signal a change in trend. Historical data shows that previous resistance levels have often turned into support zones during recoveries.

Shiba Inu’s performance is tracked diligently amid a bearish correction. The asset maintains its position above critical support while technical indicators suggest a rebound may occur.
The current setup presents a scenario where price stability may prompt a recovery if buyers step in promptly.