[Digital Today reporter Yeseul Kim] The meme coin Shiba Inu (SHIB) is being cited as having potential to rebound.

On Feb. 4 (local time), blockchain outlet The Crypto Basic reported that Shiba Inu has been in a steady price decline since a rally early last month. After hitting a high of $0.00001009 on Jan. 5 on the back of a short-lived broad market recovery, Shiba Inu has corrected by more than 32 percent from that peak to reach a current market price of $0.00000679.

Shiba Inu has also stayed in a steady downtrend since a high of $0.0000456 in March 2024, with both highs and lows falling. Volatility has eased, but it is slowly sliding toward a key support zone between $0.0000067 and $0.00000521.

TradingView analyst KlejdiCuni (클레지쿠니) analysed that the current support line is the area where Shiba Inu formed its historical bottom and that gains of more than 800 percent previously occurred from that support. Shiba Inu rebounded from $0.00000510 in September 2021 and surged within a month to an all-time high of $0.0000885. KlejdiCuni said this setup is a long-term trade and described it as a trade no one should miss.

A similar move could appear again. KlejdiCuni set target prices of $0.0000170, $0.0000320 and $0.0000420 if Shiba Inu rebounds, forecasting rises of 150 percent, 370 percent and 518 percent, respectively. The timing of any rise is uncertain, and it is preferable to approach it from a long-term perspective, the explanation said.

KlejdiCuni also mentioned Shiba Inu's projected target prices. The first target is $0.0000170, the second is $0.0000320 and the final target is $0.0000420, near the March 2024 high. Those levels represent gains of 150 percent, 370 percent and 518 percent, respectively. KlejdiCuni added that these projections are uncertain and that long-term holding is the most suitable approach for this setup.