Shiba Inu, the popular meme coin, has been on a downward spiral since May 29, with its price plummeting by 29% this month. However, market analysts believe that SHIB is due for a recovery, with some predicting a price surge towards $0.0001.

According to Sam TCR, a market analyst, Shiba Inu's recent price collapse has pushed the coin into an oversold position, with its relative strength index (RSI) dropping below 30. This indicates that SHIB is primed for a rebound, with Sam TCR setting a target price of $0.0001.

SHIB Knight, a Shiba Inu community figure and market analyst, also predicts a looming rally towards $0.0001. His chart analysis suggests that Shiba Inu could record a decisive push to the $0.0001 territory once it breaks out of its current market position.

Michael, another market watcher, believes that SHIB could engineer a run to $0.0001011 once it breaks out of its bull flag on the weekly timeframe.

While Shiba Inu is currently trading flat, battling to retain the $0.000018 support level, market analysts remain optimistic about its potential for a rebound. With its oversold position and bullish market sentiment, Shiba Inu could be poised for a significant price surge in the near future.

However, it's important to note that the cryptocurrency market is highly volatile, and price predictions are subject to change. As always, investors should conduct thorough research and consult with financial experts before making any investment decisions.

In other Shiba Inu news, the coin's burn rate has seen a significant surge, with 33 million SHIB burned in the last 24 hours, representing a 529% increase. This burn rate could potentially impact SHIB's price, as a reduction in supply can lead to increased demand and, in turn, drive up the price.

Overall, while Shiba Inu's recent price performance has been bearish, market analysts remain optimistic about its potential for a rebound. With its oversold position and bullish market sentiment, SHIB could be poised for a significant price surge in the near future.