Peter Smith
Shiba Inu has been caught in a challenging pattern throughout 2024, repeatedly testing the same critical price zone without managing to establish lasting upward momentum. As the meme coin approaches its sixth attempt at breaking through significant resistance, market participants are asking whether this time will finally deliver the breakout traders have been waiting for.
SHIB Price Consolidates Near High Demand Zone
Since early 2024, Shiba Inu has been stuck in a downward trend, constantly bouncing off its key support area between $0.00001200 and $0.00001250. The token has made several attempts to break free from this pattern, but each time it's been unable to close convincingly above the descending trendline that's been capping its upside.
Right now, SHIB is sitting right at this crucial support level, creating a tense situation where the next move could be decisive. Traders are watching closely to see if the token can finally gather enough strength to push through.
Insights from a trader on SHIB Outlook
Crypto analyst @MarkETHreal has been tracking this pattern and notes that we're now seeing the sixth test of this demand zone. His view is that each failed attempt actually increases the probability that the next one might succeed - it's like a dam under increasing pressure.
According to his analysis, SHIB is at a critical "make-or-break" point. A clean break above the descending trendline could completely shift market sentiment from bearish to bullish. But if the token gets rejected again, we might see it drop back down to test the $0.00001000 support level.
SHIB Price Forecast: Breakout or Breakdown?
If SHIB manages to hold its ground above the current support zone and finally breaks through the long-term downtrend, traders are eyeing targets at $0.00001500 and $0.00002000. These levels previously acted as resistance, so they'd be logical profit-taking zones.
A really strong rally could even push SHIB toward $0.00002500, which would represent a significant reversal of the bearish trend that's dominated this year.
On the flip side, if the current support fails to hold, we could see SHIB slide down to the $0.00001000-$0.00000950 range. Given how long this pattern has been developing, traders are expecting some serious volatility as the situation plays out.
Peter Smith
