Analyst States Crucial Shiba Inu (SHIB) Support For New Price Highs
(note: the post contains data by SHIB Knight)
A seasoned market analyst has observed a positive trend in Shiba Inu’s price action. After dipping to a low of $0.0000238 during the recent cryptocurrency market downturn, SHIB has rebounded twice on this support level. This double bounce indicates substantial buyer interest at this price point.
Analyst SHIB Knight in a post on X, emphasizes the significance of this behavior, suggesting that many investors consider $0.0000238 a favorable entry point for Shiba Inu.
Previously, SHIB attempted to surpass the resistance level near $0.0000328, meeting with limited success. However, with the confirmation of strong support at $0.0000238, the analyst anticipates increased potential for SHIB to rally toward new highs.
SHIB Knight suggests that the trading range between $0.0000238 and $0.00003281 represents an accumulation phase for Shiba Inu. Following this period of sideways price action, the analyst predicts a potential breakout that could propel SHIB to new highs.
Some analysts even predict that SHIB may soon surpass its historical high, viewing the recent low of $0.00002249 as a prime buying opportunity. Since these predictions, Shiba Inu has gained 7%, currently trading at $0.0000271. Its trading volume of roughly $1.77 billion places it among the top 12 cryptocurrencies by market activity.
