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Shiba Inu’s getting hammered. The meme coin sits down over 93% from its 2021 peak, but crypto analyst Jonathan Carter thinks it’s ready to bounce back.
Carter’s watching the $0.0000054 support level like a hawk. He said the price action around there looks pretty solid, and if it holds, SHIB could see a decent rally. The analyst pointed to strengthening signals from recent consolidation patterns, which might mean traders are getting ready for the next move up. “The support zone is being defended,” Carter noted in his March 6 analysis. He’s tracking how the token behaves at these crucial price points, since they often determine whether bulls or bears take control.
First target sits at $0.0000068.
That level represents the initial resistance SHIB needs to crack. Carter thinks clearing this hurdle could open the door to bigger gains ahead. The $0.00001 mark presents what he calls a “psychological challenge” for investors. Breaking through that round number often triggers more buying interest from retail traders who see it as a major milestone.
Beyond $0.00001, Carter’s eyeing $0.000013 as the next meaningful target. That’s where he expects bulls might really start gaining momentum. From there, the analyst sees potential for SHIB to reach $0.000016, which would represent roughly a threefold increase from current prices. Even more ambitious is his $0.000022 target, though he warns resistance will probably kick in around that level.
The final target Carter mentioned is $0.000033. He called this an “optimal selling point” for anyone who bought near the $0.0000054 support level. That would represent massive gains for early buyers, though getting there won’t be easy given the token’s recent struggles.
But Carter’s not just looking at charts. Related coverage: Ethereum Jumps 10% as Bulls Eye.
He thinks market sentiment plays a huge role in driving SHIB’s potential recovery. The crypto market often moves on broader trends, and SHIB’s fate could depend on how confident investors feel about risk assets overall. Recent stability around the $0.0000054 mark might show that traders are cautiously optimistic about a rally, though it’s still unclear if that sentiment will last.
SHIB’s community remains pretty loyal despite the brutal price action. Carter said this community support could help sustain the token through rough patches. The coin’s popularity exploded in 2021 thanks to speculative interest and social media buzz, but without renewed excitement or positive developments, maintaining upward momentum will be tough. “Any significant upward movement would likely attract more traders and increase trading volumes,” Carter said on March 6.
The analyst also mentioned how Bitcoin’s performance often influences altcoins like SHIB. On March 4, Bitcoin saw a slight uptick that gave several altcoins a temporary boost. This correlation shows how interconnected cryptocurrencies are and how Bitcoin price shifts can impact SHIB’s recovery chances.
Large holders, or “whales,” could also move the needle for SHIB. These big players can significantly influence the market by buying or selling large quantities. If whales decide to accumulate around the $0.0000054 support level, it could provide additional upward pressure and improve the odds of hitting Carter’s resistance targets.
Carter thinks upcoming Ethereum network upgrades might indirectly benefit SHIB since it’s an ERC-20 token. Ethereum’s move to more efficient systems could reduce transaction costs, making SHIB trading more attractive. Though he admits the direct impact remains to be seen. This follows earlier reporting on Shiba Inu Futures Jump 666% as.
Trading volume will be key to watch, especially if it starts picking up at the $0.0000068 resistance level. A volume spike might signal renewed interest and a potential breakout. But Carter warned that without sustained buying pressure, any upward movement could be short-lived in this volatile market.
On March 5, Carter highlighted SHIB’s trading patterns over recent weeks. The consolidation phase around $0.0000054 could signal a base formation, which often comes before breakouts. This pattern suggests traders are positioning for a possible upward move, though timing remains uncertain.
Several large options contracts expire on March 10, which could shake things up. Carter said the resolution of these contracts might lead to increased volatility, potentially impacting SHIB’s price trajectory. Traders might adjust positions ahead of this event, creating additional market dynamics to monitor.
Social media activity also matters for SHIB. Carter pointed out that community engagement has historically driven interest and price movements. On March 3, social media mentions ticked up notably, which could correlate with increased buying interest from retail investors.
Carter stays cautiously optimistic about SHIB’s recovery potential despite current challenges. He’s advising traders to watch for announcements from SHIB’s development team, as these could provide new catalysts. No official comment has come from developers regarding growth catalysts, leaving investors to rely on market dynamics and technical analysis. The focus remains on key technical levels and market sentiment until further updates emerge.
