Shiba Inu Stabilizes After Retracement, Targets Key Resistance at $0.00000644

Amid recent market volatility, Shiba Inu (SHIB) has successfully defended a key support area, showing signs of stabilization and rebound. As overall sentiment in the crypto market improves, the price of this meme coin has seen a noticeable rebound, and market participants are beginning to focus on its next upside potential.

Previous analysis suggested two possible paths: one, the price would find support near $0.0000055 and rebound, or two, it would fall further and be strongly supported by buying pressure. On March 5th, SHIB briefly fell below this support, but was quickly pulled back by buyers, re-establishing itself above $0.0000055, demonstrating the strong support capacity of this area.

Analysis firm SwallowAcademy pointed out that this rapid rebound is in line with the second scenario, indicating that short-term momentum is building. However, selling pressure reappeared the next day, with the price retreating slightly by about 3%, retesting the support zone, indicating that the battle between bulls and bears is still in a stalemate. The current price is $0.00000558, with about 5% space to the first resistance level of $0.00000586. This resistance level corresponds to the intraday high on March 3rd. If it can be effectively broken, it is expected to open the channel to the next target of $0.00000644 – this position is the historical high price on February 26th and has significant technical significance. If this increase is achieved, SHIB will record a gain of approximately 15.6%. It is worth noting that the above targets are short-term expectations on lower time frame charts. If the overall market trend continues to improve, there is still a possibility of challenging $0.0000085 on a higher time frame, provided that a clearer bullish pattern is formed. However, analysts also remind that the current market is still constrained by short selling forces, and SHIB's subsequent trend is highly dependent on the liquidity and sentiment of the entire crypto market.