Shiba Inu is showing renewed strength after defending a key support level during recent market volatility. The meme coin now shows early signs of recovery as broader crypto momentum improves. Analysts say the latest price reaction could open the path for a short-term rebound.
Shiba Inu Reclaims Support After Brief Decline
Shiba Inu recently tested a crucial support zone before quickly rebounding, according to market analyst SwallowAcademy. The analyst said the token retested a local bottom between $0.00000544 and $0.00000520 on the one-hour timeframe.
Earlier analysis outlined two potential scenarios. One scenario suggested a bounce from the $0.0000055 support region. However, that outcome did not materialize immediately as bearish pressure pushed prices lower.
The decline on March 5 forced Shiba Inu to revisit the deeper local support area. Despite the drop, the token did not remain there long. Buyers stepped in quickly and lifted the price back above the $0.0000055 demand zone.
SwallowAcademy noted that the recovery aligns with the second scenario outlined in Thursday’s analysis. According to the analyst, the swift rebound signals strengthening momentum on lower timeframes.
Shiba Inu had shown moderate growth earlier in the week. The token rose 4% on March 4, reaching an intraday high of $0.00000586. It later closed around $0.00000570.
However, the rally did not last. The following day brought renewed selling pressure. A 3% drop pushed the price back toward $0.0000055.
Meanwhile, the broader crypto market showed improving sentiment. Bitcoin climbed above $68,000, a level last seen in early February. Shiba Inu followed the trend but delivered a smaller gain compared to Bitcoin.
Analysts Outline Potential Uptrend Targets
SwallowAcademy’s chart analysis highlighted measured price targets following the successful support retest. The first resistance target stands at $0.00000586. This level matches the intraday high recorded on March 3. At the current market price of $0.00000558, Shiba Inu sits about 5% below that level.
The analyst said a break above that resistance could open the path toward a second target at $0.00000644. That move would represent a 15.6% increase from the current price. The $0.00000644 level also aligns with the area where Shiba Inu peaked on February 26. Analysts often view such levels as key resistance zones.
SwallowAcademy described these objectives as smaller targets on the lower timeframe chart. The analyst suggested that stronger bullish momentum could develop on higher timeframes. Previous analysis from the same commentator projected a potential move above $0.0000085. The forecast relied on a bullish chart formation that may emerge if momentum continues.
However, the analyst cautioned that the scenario remains uncertain. Bears still hold considerable influence over the market structure. For now, Shiba Inu’s next move depends on broader crypto conditions. Sustained market strength could help the token push toward the outlined resistance levels.
Source: https://coinpaper.com/15232/shiba-inu-tests-support-eyes-0-00000644-after-rebound
