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A TradingView analyst has outlined two potential scenarios for Shiba Inu price trajectory, based on a descending trendline and a key support zone.
Shiba Inu has been in a consolidation phase with a steady decline over the past week, prompting renewed technical analysis. Over the last seven days, SHIB’s value dropped from around $0.00001359 to a recent low of approximately $0.00001154. At press time, it trades at $0.00001184.
Amid this consolidation, new technical insights from an analyst on TradingView highlight a descending trendline and a critical support range as key indicators for the token’s next significant move.
Technical Analysis Highlights Downtrend and Key Support
Analyst Mr Hans shared a Shiba Inu daily timeframe chart showing a persistent downtrend with the possibility of an eventual reversal.
The chart highlights a descending trendline that has acted as resistance multiple times, first around $0.000045 in early March 2024 and again near $0.000033 in early December. This trendline continues to cap upward movements, preventing sustained bullish momentum.
Meanwhile, a support range spanning $0.00001133 to $0.00001018 remains intact. This zone has previously held firm during prior corrections. On August 5, 2024, the area helped absorb downward pressure after SHIB fell from $0.000045.
Similarly, the zone provided support in April following a decline from the $0.00003320 peak recorded on December 7. However, the follow-through rally failed to sustain longer-term momentum in the latter case, taking SHIB back to the key support zone.
Two Possible Scenarios for Shiba Inu Price
Based on these technical levels, the TradingView analysis presents two potential outcomes:
Bullish Scenario
Shiba Inu could rebound from the support zone and target the descending trendline. If buying momentum increases, the price may rise further into the resistance region between $0.00002174 and $0.00002418, implying a possible 80% to 100% gain from current levels.
Bearish Scenario
On the other hand, a drop below $0.00001054 would invalidate the bullish outlook, suggesting further downside. In this case, SHIB could fall toward the next major support zone near $0.00000630, continuing the longer-term downtrend observed in recent months.
Community Optimism: #1CentDreamSHIB
In parallel with the technical discussion, community figure Luis Delgado recently shared a post titled “Reality Check” on X, addressing SHIB holders. Using a poker analogy, Delgado referenced lead developer Shytoshi Kusama and suggested that several key initiatives are under wraps for strategic impact.
According to Delgado, these hidden developments could involve upcoming features or announcements to boost SHIB’s utility and demand. He concluded his message with the hashtag #1CentDreamSHIB, signaling hope that these developments could eventually support a rally toward the long-term goal of $0.01.
However, this is more of a long-term aspiration than a near-term outlook. In fact, an analysis by Telegaon suggests that SHIB might not reach the $0.01 mark until as late as 2040.