- SHIB: Rebounded from $0.00000544–$0.00000520 support, regaining demand around $0.0000055.
- Resistance Targets: Key levels at $0.00000586 and $0.00000644 could guide the next price move.
- Market Sentiment: Moderate bullish momentum observed, but bears still influence broader crypto market trends.
Shiba Inu recently tested a key support level and bounced back with momentum. The broader crypto market shows an uptrend, and SHIB looks ready to take advantage. On lower timeframes, the meme coin demonstrates strength after holding local support. Traders are closely monitoring price action as the token attempts to reclaim previous demand areas. If momentum sustains, measured targets could come into view, giving bulls a clear path forward.
Bounce from Local Support
Shiba Inu experienced a brief rally two days ago as Bitcoin climbed toward $74,000. While SHIB followed, the gain was smaller compared to the flagship cryptocurrency. On March 4, the token increased by 4 percent, reaching $0.00000586 before settling near $0.00000570. However, the rally did not last long. A 3 percent retracement brought the price back to the $0.0000055 region.
Analyst SwallowAcademy outlined possible scenarios for SHIB’s next moves. One scenario involved a bounce from smaller support around $0.0000055. That did not hold as bears pushed prices lower initially. Still, the token retested a local bottom between $0.00000544 and $0.00000520. This level provided a firm floor, and SHIB quickly rebounded, reclaiming the $0.0000055 demand area.
This recovery aligns with the analyst’s prediction of a further uptrend from current levels. The bounce signals buyers are ready to defend key support levels. Short-term momentum now leans bullish, but traders remain cautious. Watching price behavior near support and demand zones remains critical for anticipating the next move.
Shiba Inu Uptrend Targets
After reclaiming local support, SHIB could aim for two primary resistance areas. The first target sits at $0.00000586, matching the intraday high from March 3. At the current price near $0.00000558, this represents roughly a 5 percent climb. Bulls will need to maintain pressure to break this resistance and trigger the next measured move.
The second target lies at $0.00000644, about 15.6 percent above the current price. This level corresponds to the peak on February 26 and may act as a significant barrier. Breaking above both targets could pave the way for even higher moves on larger timeframes. The analyst described these as smaller targets, suggesting that SHIB could potentially reach $0.0000085 if market conditions improve.
Bears still control overall market momentum, which could limit upside potential. A sustained recovery across the crypto market would increase the likelihood of SHIB reaching these resistance levels. Traders should also monitor volume, as stronger buying activity could signal a continued rally. On the flip side, a drop below local support may trigger further retracement, forcing buyers to defend lower levels.
