“Never a Better Time to Rack Up SHIB,” Analyst Says as Shiba Inu Price Hits a Historic Floor

Shiba Inu is back in a part of the chart that traders have had their eyes on for a long time. The SHIB price has been sliding lower for months, and now it has finally reached the zone that analyst Vivaforexwithcaro calls the most important support level in the entire setup.

That range sits between $0.0000066 and $0.0000051, and the SHIB price is now trading right inside it. This is the same area that has acted as a floor throughout SHIB’s history. The trend is still weak, though. The SHIB price hasn’t bounced yet. It’s simply sitting at the level where the market has to show what it wants to do next.

The Weekly Chart Shows SHIB Sitting at the Bottom of the Structure

On the weekly chart, the downtrend is hard to miss. SHIB topped out near the highs and has been stepping lower ever since, stuck under a long falling trendline.

The chart also shows SHIB trading inside a bearish channel, and now the SHIB price has dropped all the way down to the channel’s lower boundary. That’s usually the spot where things either calm down and form a base, or break down into another leg lower.

The pink support band is the big one here. It marks the long-term demand zone that has held through multiple cycles. Seeing the SHIB price return to this level tells traders this isn’t just another random dip. This is the floor the market has defended before.

If it holds again, it can become the starting point for a rebound. If it cracks, the chart opens up into much riskier territory.

Why Some Analysts Think This Could Be a Bottom Zone

Vivaforexwithcaro’s argument is pretty straightforward: the SHIB price is sitting in the kind of area where major reversals have started in past cycles.

One key reason is simple history. SHIB has never broken below this support zone in its five-year run. Every time price has traded into this region, it has eventually stabilized before the next upside phase began.

The analysis also points to a Gartley harmonic pattern developing, which follows an ABCD swing structure. In plain terms, it’s a pattern where price grinds down in stages before reaching a final push lower.

In this case, SHIB’s A wave formed during the March 2024 rally. The B wave dragged it down into August. The C wave printed a lower high in December. Now the SHIB price is in the D wave, which is often the last bearish leg before the market tries to turn.

The Big Risk: Tokens Are Moving Back Onto Exchanges

Even though this support is holding so far, the on-chain picture isn’t perfectly clean yet. Crypto Quant data shows SHIB exchange reserves have been rising sharply over the past few days. 

That means more tokens are being moved onto exchanges, which often lines up with distribution pressure, not strong accumulation. So even though the SHIB price is sitting at a historic floor, buyers haven’t clearly stepped back in with force yet. That keeps this level fragile.

Read Also: Hedera vs Chainlink vs Avalanche: Which Crypto Could Dominate the Real-World Asset Race?

What Comes Next for SHIB

Right now, the SHIB price is sitting inside the most important long-term support zone on the chart, right where it has held every time in the past.

This is the level that decides whether SHIB builds a base or breaks into a new downside chapter. If buyers defend it again, the chart has room for a reversal structure to form. If it fails, there isn’t much historical support below.

Subscribe to our YouTube channel for daily crypto updates, market insights, and expert analysis.

The post “Never a Better Time to Rack Up SHIB,” Analyst Says as Shiba Inu Price Hits a Historic Floor appeared first on CaptainAltcoin.