Shiba Inu Price Hits Crucial Support Zone Amid Ongoing Bear Market

The Shiba Inu (SHIB) price has been testing its long-term support zone, a critical level that could determine the future of the cryptocurrency. According to crypto analyst SHIBMortal, the monthly chart shows that SHIB is still within an important accumulation region.

Since reaching its all-time high in 2021 at $0.000088359, the SHIB price has declined by over 95% to around $0.00000420. However, the current support zone of roughly $0.00000400-$0.00000420 has held out, and the monthly candle continues trading within that range.

SHIBMortal estimates that if this support holds, the first upside target on the chart is at $0.00002040, with higher resistance zones located at $0.00004040, $0.00006040, and $0.00008040.

The SHIB price remains below its 100-day simple moving average (SMA) of around $0.00000561, indicating that sellers still have control of the larger trend. The daily RSI is deeply oversold, but bullish divergence continues to appear across higher timeframes, suggesting downward momentum is slowing.

Shibarium upgrades and institutional access improvements are contributing to a more positive long-term outlook for SHIB. However, the chart still needs buyers to reclaim higher levels before a recovery can be confirmed.