Shiba Inu (SHIB) has staged a short-term rebound as traders eye a potential breakout from its prolonged period of consolidation. The meme token recovered alongside the broader crypto market after Bitcoin’s rally above $106,000 reignited optimism. Analysts say the move could signal the start of a renewed buying momentum across altcoins. SHIB Recovers as Analysts Eye Key Support Zone Following Bitcoin’s latest surge , SHIB regained some traction after weeks of muted performance. The meme-inspired cryptocurrency rebounded above the $0.00001 mark after dipping to $0.000008432 on November 4. SHIB rallied to a high of $0.00001032 on November 7. At the time of writing, the meme coin is trading at $0.000009799. This represents nearly a 10% gain over the past seven days. Market commentator James Waynn noted in a Tuesday post on X that the rebound reflected renewed interest from buyers. He emphasised that SHIB holders must maintain the $0.000008 – $0.000009 support range for any sustained upside. Losing this zone, he warned, could push the token below $0.000007, a level last recorded in October. Shiba Inu’s price has been in steady decline since reaching $0.00003 in December 2024, largely due to the broader market’s downturn. Over the past 90 days, the asset has dropped by nearly 29%, while its year-to-date performance shows a 52% decline. Despite this, Waynn highlighted the latest rebound as a sign that buyers are slowly regaining confidence. In previous updates, the analyst reiterated his long-term bullish projection for SHIB. He referenced predictions from Telegaon, which estimate that Shiba Inu could reach $0.10 in the distant future, a multi-decade outlook that many analysts view as aspirational but technically possible under ideal conditions. Shibarium and Ecosystem Growth Could Boost Q4 Outlook Beyond short-term price action, Waynn highlighted Shibarium’s development and ecosystem recovery as factors that could impact SHIB’s trajectory. Shibarium , the project’s Layer-2 scaling solution, faced challenges earlier this year after its bridge was exploited in August. Hackers drained over $3 million from the network, negatively affecting ecosystem tokens such as SHIB, Bone Shibaswap (BONE), and BAD. The bridge reopened in October, but repayment to affected users remains pending. K9 Finance previously offered 20 ETH to the hacker in exchange for the return of stolen KNINE tokens, though the proposal was declined. Despite the setback, developers and community members continue to push for ecosystem recovery and greater utility for SHIB tokens. Analysts believe that renewed trust in Shibarium could strengthen SHIB’s position as we head into the end of 2025. According to Waynn, progress on ecosystem growth, combined with market stability, could act as catalysts for sustained gains.
