Shiba Inu (SHIB) Rebounds After Support Retest, Analysts Predict Price Targets

Shiba Inu has rebounded after revisiting a short-term support zone, and analysts are now checking if the token can extend its upward momentum toward nearby resistance levels. The recent movement follows a period of volatility in the broader cryptocurrency market, where the improving sentiment has started to influence several altcoins.

Market observers note that SHIB recently revisited a local price floor during a corrective phase before stabilizing and moving higher. This recovery has renewed interest in the asset’s short-term trajectory, with technical analysts outlining potential price targets if the current momentum continues.

Recent Market Movement

Earlier this week, the cryptocurrency market showed renewed strength as Bitcoin climbed to around $74,000. The asset had not reached this level since early February. While the broader market benefited from this upward movement, Shiba Inu’s gains were more moderate.

On March 4, the token recorded a modest increase of roughly 4%, briefly rising to about $0.00000586 before settling near $0.00000570 by the end of the trading session. The improvement in price, however, did not persist. The following day, a wave of selling pressure caused the asset to decline by around three percent, sending it back toward the $0.0000055 range.

Despite this pullback, technical analysis suggests that the decline served as a retest of an established support area rather than the beginning of a prolonged downward trend.

Support Retest and Price Recovery

According to market analyst SwallowAcademy, two potential scenarios had been identified during earlier evaluations of Shiba Inu’s price structure. One scenario anticipated an immediate rebound from the smaller support region around $0.0000055 on the one-hour chart. This outcome did not occur, as selling pressure temporarily pushed the price below that level.

Instead, the second scenario happened. The token moved lower and tested a deeper support band between $0.00000544 and $0.00000520. This zone represented the local bottom for the current short-term structure.

After reaching this range, buying interest increased quickly. As a result, Shiba Inu recovered from the decline and returned to the $0.0000055 demand area, suggesting that the support region remains active. The rebound aligns with the analyst’s expectation that a stronger upward move could develop following a successful support retest.

Potential Short-Term Targets

If the current recovery continues, technical projections point to several nearby resistance levels that may act as short-term targets. The closest level is around $0.00000586, which corresponds with the intraday high recorded on March 3. Based on recent prices near $0.00000558, reaching this level would represent an increase of approximately 5%.

If Shiba Inu breaks above that resistance area, analysts say the next notable level may appear near $0.00000644. This zone aligns with a price region reached during the rally on February 26 and would represent a gain of roughly 15 percent from current levels.

SwallowAcademy describes these projections as relatively conservative objectives, indicating that larger upward movements could develop if market conditions strengthen on higher timeframes. In previous commentary, the analyst suggested the possibility of a move above $0.0000085 if bullish technical patterns remain intact.

Although the recent rebound has improved sentiment surrounding Shiba Inu, analysts emphasize that there is no guarantee of further gains. The broader cryptocurrency market continues to influence short-term performance, and persistent selling pressure could limit the token’s ability to maintain upward momentum.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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