- ShibaInu (SHIB) is at a critical support zone after weeks of downward movement.
- Analyst ZelfTrade predicts a potential 2X rally to $0.00002394 if bullish momentum resumes.
- Failure to hold support could see SHIB drop 50%, revisiting lows near $0.00000598.
- Bitcoin’s market dominance will be a major factor in determining SHIB’s next move.
- The broader altcoin market remains under pressure but could rebound if Bitcoin cools off.
ShibaInu Pivotal Moment: Rebound or Capitulation?
The Shiba Inu (SHIB) price chart is flashing warning signs and bullish signals at the same time. According to TradingView analyst ZelfTrade, SHIB is facing what could be its final opportunity for a major upside move before risking a deeper selloff.
Also Read: ShibaInu Poised for 62% Surge? Double Bottom Formation Hints at Bullish Reversal
After experiencing seven weekly red candles out of the last eight, Shiba Inu has joined the broader altcoin market’s struggle to reclaim bullish momentum. Yet, despite this, SHIB has found strong support at the $0.000010 level — a zone that previously fueled a 71% rally in April.
Key Support Level Holds for Now
ZelfTrade highlights the formation of a swing failure pattern (SFP) near this critical support. Typically, this pattern signals a failed bearish breakdown, potentially setting the stage for a strong rebound. If SHIB follows this pattern, a 2X rally could push its price toward the $0.00002394 level — a price last seen six months ago.
However, the analyst cautions that this bullish scenario hinges heavily on Bitcoin’s behavior. A cool-off in Bitcoin’s dominance is essential for altcoins like SHIB to shine again. Other crypto market watchers also point to Bitcoin’s growing dominance as a barrier to altcoin rallies.
The Bearish Case: 50% Crash Possible
On the flip side, ZelfTrade warns of a grim scenario if bullish momentum fails to materialize. A breakdown below the current support could spark a sharp 50% drop in SHIB’s price, dragging it down to around $0.00000598 — levels not seen since June 2023.
At present, ShibaInu trades at $0.00001197, sitting 86% below its all-time high and 64% below its January 2025 peak of $0.00003343.
What’s Next for SHIB?
The coming weeks will be crucial for ShibaInu’s price action. Traders and investors alike are watching Bitcoin’s next move closely, as its market behavior could determine whether SHIB embarks on a bullish reversal or suffers another painful decline.
