Analyst Identifies Strong Shiba Inu Support Zone That Can Take SHIB Back to $0.000024

Noted market analyst SHIB Whale on X has identified a strong support zone for Shiba Inu (SHIB) at around $0.000016. This support level, according to the analyst, could potentially help SHIB recover and reach a price of $0.000024. The analysis comes in the midst of a market correction that has resulted in significant declines for both Bitcoin (BTC) and altcoins. Due to its higher volatility, Shiba Inu has experienced even steeper drops, currently down 33.11% this month. Shiba Inu has been on a downward trend since reaching its peak of $0.00002945 on May 29, with lower lows and lower highs forming a descending channel on the daily chart. The resistance within this channel is at $0.00002622, while the identified support lies at the $0.000016 region. This channel suggests a negative investor sentiment, with consistent selling pressure causing prices to fall. However, occasional rallies have failed to break above the resistance, which continues to drop to lower levels. Using a 2-hour chart, SHIB Whale reveals a descending triangle within which Shiba Inu is currently trading. The lower trendline of this triangle acts as a strong support level, with a price level of $0.00001670. IntoTheBlock data reveals that 58,560 addresses hold this support level, having accumulated 93.98 trillion SHIB at an average price of $0.000016. The analyst predicts a further drop in price to this level but expects the support to hold. As of now, Shiba Inu is trading around the established support level at $0.00001665. The immediate support at this region is $0.00001633, and if it remains intact, SHIB Whale believes Shiba Inu could use it as a launchpad to reclaim the $0.000024 price level. Additionally, there has been a decrease in large transactions and whale activity for SHIB, signaling a possible consolidation phase. The volume of whale transactions worth at least $100,000 has reduced, and the volume involving bulls and bears has also decreased. This decrease in large transactions and stabilizing prices indicates that major holders may be holding onto their assets instead of trading them. Overall, the market appears to be finding a support level with diminishing selling pressure, potentially setting the stage for a rebound in the future.