- Shiba Inu maintains support above $0.00000734 yearly low despite recent weakness
- Analyst projects potential 85% rally to $0.00001591 if support level holds firm
- Token dropped nearly 60% from year start but shows stabilization at demand zone
Shiba Inu has maintained its position above a critical long-term support level, prompting analysts to outline potential recovery scenarios. The second-largest meme coin by market capitalization continues to defend the $0.00000734 price floor despite recent market pressure.
SHIB has fallen by double digits over the past 30 days and lost approximately 60% of its value since the start of the year. However, the token has held above a key demand zone that market analyst The Alchemist Trader highlighted in a TradingView analysis.
Price Floor Holds After October Crash Test
Shiba Inu dropped to $0.00000678 on Binance during the October 10 market crash but quickly recovered above the support level. Since that event, the token has recorded multiple candle closes above $0.00000734 despite visible price weakness across the broader market.
The Alchemist Trader stated that this pattern emphasizes the strength of the support area while suggesting price stabilization. The analyst described these conditions as prerequisites for a potential recovery move in the meme coin sector.
Network activity has shown increased engagement recently. Shiba Inu’s burn rate surged 859% in recent days as efforts to reduce token supply intensified. The Alchemist Trader views this development as a positive indicator that could support a price reversal.
Analyst Projects 85% Rally to First Target
The analyst predicted that continued defense of the $0.00000734 yearly low could enable SHIB to plot a recovery toward higher price levels. The accompanying chart shows a potential rebound to an initial target of $0.00001591. From the current price of $0.00000858, this would require an 85% increase.
This target region aligns with the July high where SHIB faced resistance during previous attempts to break higher. The token failed to sustain trading above this area during May when it formed a lower high, confirming strong selling pressure at that level.
Analyst Crypto Feras published similar projections in separate commentary, predicting SHIB is positioned for a breakout toward $0.000001546. If Shiba Inu surpasses the initial resistance zone, the next target sits at $0.0000239, representing a 178% increase from current levels. SHIB last traded at these prices in January when it peaked at $0.0000249.
