TL;DR
- One analyst indicated that the second-largest meme coin has lost a crucial support line, and it could plunge by another 30% or even more in the near future.
- In contrast, another market strategist suggested that SHIB’s current price movements are a part of a large Inverse Head and Shoulders structure, which could lead to a 400+% surge.
Ali Martinez was on the bearish side, claiming that SHIB’s most recent price declines – a 4% drop in the past week and over 23% since this time last month – means that the asset had lost a key support level, which is situated somewhere between the $0.000019 and $0.00002 lines.
The chart below demonstrates that Shiba Inu’s largest native token has remained at around that level for the past several months. It soared well above it on a couple of occasions since the summer of 2024, the last being after the US presidential elections, but has lost steam and recently dropped to its lowest price tag since September.
Martinez warned that SHIB could face another leg down soon, which can take it south to $0.000011 or even $0.00008. Such violent declines would represent price drops of 30% and 50%.
#ShibaInu $SHIB has lost a key support level! The next major support zones to watch are $0.000011 and $0.000008. pic.twitter.com/XzL5Kc6Rgq
— Ali (@ali_charts) February 23, 2025
In contrast to the growing number of bearish scenarios, Javon Marks, another crypto analyst with over 50,000 followers on X, provided a different perspective, claiming that SHIB’s current price movements maintain “the structure of a larger Inverse Head & Shoulders” pattern.
Consequently, the strategist determined that Shiba Inu could go as high as $0.000081, which would be a 420% surge from its current price levels.
$SHIB (Shiba Inu) prices maintaining the structure of a large Inverse Head & Shoulder and with the $0.000081 target still in play, an over 402% run to reach it could come out of this! https://t.co/WwgfDoTpcU pic.twitter.com/wuZ6c2yrlY
— JAVON⚡️MARKS (@JavonTM1) February 22, 2025
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