Peter Smith
⬤ Shiba Inu is drawing renewed interest as it trades near $0.0000067, a price level that's proven historically significant during past market cycles. This zone has repeatedly acted as a floor when SHIB hit major bottoms, and the weekly chart shows the token holding firm above this demand area after a lengthy correction.
⬤ Looking at past cycles, SHIB tends to enter accumulation phases when it reaches this region. Previous patterns show extended consolidation periods followed by sharp rallies once selling pressure fades. Right now, the price is compressing around support rather than collapsing through it, suggesting the downside momentum might be running out of steam.
⬤ The chart maps out several upside targets if momentum starts building. The first resistance sits around $0.000017, with a higher zone near $0.000032. The ultimate projection reaches toward $0.000042, which lines up with previous cycle peaks and measured expansion targets. These levels depend entirely on SHIB defending current support and building sustained upward pressure.
⬤ This setup matters beyond just SHIB itself. The token often serves as a gauge for speculative appetite during major market transitions. Holding the $0.0000067 zone could signal stabilization and a potential shift in market structure rather than further decline. But if this support fails, the bullish case weakens considerably and downside risks return to the table, making price action at this level critical to watch.
Peter Smith
