A technical outlook suggested Shiba Inu could rebound near a long-term support line.

The Crypto Basic, a blockchain outlet, reported on Monday that a market analyst saw Shiba Inu as having the potential to rise more than 10-fold to about $0.00007 if it holds its current area.

Shiba Inu has been moving sideways within a range on its recent daily chart, but the broader trend remains downward. It has fallen more than 93 percent from its October 2021 peak of $0.0000885, and is down 86 percent from this cycle’s peak of $0.00004567 in March 2024.

Analyst Celal Kucuker (셀랄 쿠추케르) raised the possibility of a turnaround for Shiba Inu. In a post on X, formerly Twitter, he cited a “bullish technical structure” and strong support from the Shiba Inu community as catalysts for a rebound.

On the chart, Shiba Inu has been moving within a downward channel since the March 2024 peak. The upper resistance line has blocked rebound attempts, while the lower support line has provided a backstop whenever prices weakened. After a recent correction, Shiba Inu has again moved close to the bottom of the channel. In early February, it fell to $0.0000050, touched the channel’s lower end and then rebounded, and it is now trading near a support trend line that has held for years.

A horizontal support line was also cited as a key level. This price area matches a pullback zone early in Shiba Inu’s listing and the level that formed a bottom during the 2023 bear market. Kucuker saw Shiba Inu maintaining this support as a move that could build momentum for the “next decisive rise.”

His first target was near the middle of the downward channel. That would represent a rise of more than 87 percent from the current price, implying a recovery of the psychological resistance level at $0.000010. He ultimately expected it could rise to about $0.000070. That would be a 1,060 percent gain from the current level, and Shiba Inu last traded around that price in November 2021.

Derivatives markets and exchange fund flows were also cited as partly positive signals. Over the past 24 hours, open interest in Shiba Inu futures rose 7.4 percent. Rising open interest typically shows growing interest in the derivatives market and can amplify price volatility depending on contract positioning.

In spot flows, tokens moved out of exchanges. Over the past 24 hours, about 507 billion SHIB net flowed from exchanges to personal wallets. This is read as a sign market participants are choosing long-term holding over short-term selling.

Shiba Inu remains in a long-term downtrend, but expectations of a rebound are also rising because the current price area overlaps with support levels that have held for years. Whether that support holds, and whether the rise in open interest leads to an actual price turn, are expected to be key points to watch.

SHIBA INU Technicals + Community power = 10x potential for $SHIB. 0.00007$ ⌛️ pic.twitter.com/TdhIMXpVSR