Shiba Inu is under pressure again, with its price slipping over 7% today to around $0.00001380. But while the meme coin is moving lower, one well-known analyst thinks this pullback might actually present a new opportunity.
In a tweet shared by TheCryptoBasic, market expert CJ outlined a key zone he’s watching, and it’s right where SHIB is trading now. In the post, CJ said he’s keeping SHIB on his radar because he likes the bigger picture setup.
He explained that he’s looking for a long entry between $0.0000142 and $0.0000128, what he calls the “mid-range demand zone.” SHIB price has dipped into that zone, and CJ believes it could be the spot where a rebound starts.
What you'll learn 👉
SHIB Is Still Stuck in a Range
Since February, SHIB has been stuck between $0.00001004 on the low end and $0.00001764 on the high end. The price has tested both boundaries multiple times but hasn’t broken out in either direction.
In April and June, SHIB price fell near the bottom of the channel and bounced. In May, it rallied to the top but got rejected.
The range has been holding firm for months now, and the current dip has brought SHIB back into the middle of it, right where CJ sees potential for another leg up.
Could SHIB Bounce to $0.000019?
According to CJ’s chart, SHIB price could dip slightly deeper into the demand zone before reversing higher. His forecast points to a move back toward $0.00001764, and if that level breaks, the next target is $0.0000190, a gain of over 34% from the current price.
He’s also eyeing higher levels beyond that. If SHIB clears the $0.0000190 resistance, the price could push toward $0.000024 or even $0.000035, based on how supply has been distributed on-chain.
The Setup The Expert Is Watching
CJ isn’t expecting SHIB price to fall below $0.0000128. That’s the lower edge of the zone he believes could trigger the bounce. As long as SHIB holds this area, he sees it as a possible entry for a long position.
Traders are now watching to see if SHIB can reclaim some upside momentum after the recent drop, and whether this mid-range zone really does mark the start of a new rebound.
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