Shiba Inu Drops 26% in a Month, Analysts See 520% Upside
1min read An analyst has identified Shiba Inu (SHIB) as a strong buy, setting a price target of $0.00007380. This assessment comes as the cryptocurrency faces significant selling pressure, with its price declining steadily over the past month. Despite this downward trend, analysts suggest that SHIB is entering a key accumulation phase, presenting a buying opportunity as it trades near support levels.
Shiba Inu's price has dropped by 6.3% in the last 24 hours, bringing its weekly losses to 6.85%. Over the past month, the asset has fallen by over 26%, and on a yearly scale, SHIB remains down by 65.12%. Currently, the token is trading around $0.00001172 after rebounding from a recent low of $0.00001155, where it found temporary support. Despite the ongoing downtrend, some analysts believe SHIB is positioned for a reversal, making it an attractive buy at current levels.
A TradingView analyst, The Hunters_Company, has highlighted Shiba Inu’s potential for a bullish breakout. According to the analysis, SHIB previously traded within a falling wedge pattern, a technical formation that often precedes a trend reversal. The token broke out of this structure in early 2024, leading to a strong upward movement before facing a correction. Following this retracement, SHIB has now returned to a key support range, which analysts suggest presents a strategic entry point for investors anticipating a renewed price surge.
For a sustained recovery, SHIB must overcome several resistance levels. The first major barrier stands at $0.00001693. A successful breakout above this level could signal renewed bullish momentum, setting the stage for further gains. Beyond this point, SHIB faces additional resistance at $0.00002485, a level considered critical for its mid-term performance. If the asset clears this hurdle, it may target $0.00004022, a previous high. According to Fibonacci projections, a long-term rally could push the price as high as $0.00007380.
Crypto analyst Ali Martinez has also referenced historical price patterns, noting that SHIB surged past 
