With the bearish sentiment still in place, the Shiba Inu price could rise by 100% to $0.00003 if the important support level holds.
The Shiba Inu was hit hard by yesterday’s market crash, when Bitcoin fell to just above $60,000. Following the bearish market sentiment, the Shiba Inu fell 9.79%, setting a new low for August.
While these results are not impressive for investors, market observers believe that SHIB could be about to double in price. This observation comes as SHIB has reached a critical support zone after this latest correction.
Shiba Inu – Crucial Support for Major Recovery
IN updateAnalyst Kershne highlighted that Shiba Inu was consolidating in a range around $0.000015 at the time of the update. The analyst argued that if Shiba Inu successfully defends this support level, it could pave the way for a 100% rally, potentially doubling its price to $0.00003.
Notably, the $0.000015 price range represents the lowest level at which 100,500 addresses have accumulated SHIB tokens. Data from analytics platform IntoTheBlock shows that these investors have accumulated 442.81 trillion SHIB tokens in the range of $0.000015 to $0.000019, with an average purchase price of $0.000017.
Essentially, if Shiba Inu were to fall below $0.000015, one of the strongest support levels, it would result in a loss of 442.81 trillion SHIB tokens. This amount represents the largest concentration of Shiba Inu assets among the various clusters of SHIB holders accumulating.
As a result, Kershne warned enthusiasts to watch for a break below the support level, which could signal further declines. Shiba Inu broke the $0.000015 support zone this morning, setting an intraday low at $0.00001418. However, at press time, Shiba Inu has recovered slightly, approaching the $0.000015 level.
In this new trading area, 14,600 addresses hold 94.88 trillion SHIB tokens, purchased at an average price of $0.000015. At the time of writing, these investors are at breakeven, awaiting Shiba Inu’s next move.
Is a Shiba Inu still a good buy?
Meanwhile, other analysts said these low prices provide enthusiasts with a chance to get a discount, urging them to use dollar-cost averaging to buy Shiba Inus cheaply before potential huge increases.
They often link period from late February to early March, when Shiba Inus soared nearly 400% in 10 days. Analysts believe that the second phase of this mega-rally is just around the corner, with Shiba Inus potentially cancellation of zero to enter the $0.0001 range.
