Shiba Inu (SHIB) is showing bullish consolidation in the market, and SHIB KNIGHT has established a clear support line for the altcoin, which could be beneficial to all traders tracking its price. (Enter the group public account: Pepe Soha)
According to SHIB KNIGHT, Shiba Inu has been retesting the key support level of the $0.00000721 price threshold. According to the chart he shared, the coin has successfully bounced off this support level at least four times.
SHIB KNIGHT said that given that the asset is currently trading at the same price level and has the potential to rebound, a local bottom may have formed. A bottom is formed when the price of a cryptocurrency chart does not consistently fall below that specific level.
Despite significant growth in some ecosystem fundamentals, Shibarium has not experienced the best of times in 2023. Its price has fallen by 13.3% so far this year, suggesting that the launch of Shibarium has had little impact on its growth over the past quarter.
According to SHIB KNIGHT insights, while overall market momentum is an important factor in defining SHIB’s growth trend, the asset has remained remarkably resilient, guiding investors to know when to buy.
The prominent community figure asserted that Shiba Inu is now witnessing the end of an accumulation period. His chart predicts a subsequent breakout with a target around $0.00003.
Maintaining bullish fundamentals
Although Shiba Inu started out as a memecoin, it has evolved since its inception and now has much more utility. First, the coin evolved into a highly deflationary cryptocurrency through its consistent burn mechanism.
With millions of SHIB tokens recently removed from circulation, it is hoped that the resulting increase in demand will drive prices skyrocketing in the near and long term.
