Top Analyst Says Shiba Inu Is a Good Buy Now, with Bullish Targets Extending to $0.00007380

Analysts are monitoring key Shiba Inu support as a potential buying zone, with bullish price targets extending to $0.00007380.

Shiba Inu (SHIB) remains under selling pressure as its price continues to decline, extending recent losses. Over the past 24 hours, SHIB has fallen by 2.2%, adding to its seven-day decline of 13.7%.

The token has also dropped 18.1% in the last 14 days and 19.7% over the past month. SHIB’s long-term performance shows a 64.9% decline over the past year, signaling persistent bearish sentiment.

Shiba Inu Is a Good Buy Now

Currently, Shiba Inu is trading around $0.00001231, following a drop to $0.00001155, where it found temporary support before rebounding. The price action reflects broader market weakness, with SHIB struggling to maintain upward momentum.

Notably, according to an analytic account on TradingView, The Hunters_Company, SHIB had been trading within a falling wedge pattern, a bullish reversal structure. Shiba Inu broke out of this pattern in early 2024, leading to a strong upward move.

However, the price has since corrected back to key support levels. Now, the analyst argued that Shiba Inu has entered a significant buying opportunity zone at current levels.

Shiba Inu Support Resistance

Resistance Levels and Shiba Inu Price Targets

Notably, SHIB faces multiple resistance levels that could define its price trajectory. The first major resistance is at $0.00001693. A breakout above this level would indicate growing bullish momentum.

Further resistance is at $0.00002485, marking a crucial mid-term level. If SHIB surpasses this resistance, it could move toward $0.00004022, a previous high. The long-term target based on Fibonacci projections stands at $0.00007380.

Elsewhere, historical trends shared by Ali Martinez on March 7 highlight a significant rally in November when SHIB surged past $0.000032 before experiencing a correction. Martinez suggests that maintaining the current support zone could enable a recovery toward $0.000020 in the short term.

Market Outlook and Shibarium’s Role

On the fundamental end, crypto educator Davinci Jeremie has weighed in on SHIB’s market potential, noting that the token could see strong performance this cycle. However, he cautioned that it may not experience the dramatic gains some investors expect.

According to Jeremie, SHIB’s ecosystem has gained utility with the introduction of Shibarium, a layer-2 network designed to offer low-cost transactions.

Despite its technical advantages, he pointed out that Shibarium lacks real-world applications that drive SHIB adoption. If the development team attracts more practical use cases that rely on SHIB for transactions, the token’s price could see substantial gains in the future.

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