Shiba Inu (SHIB) has garnered significant attention from investors in recent months. While the cryptocurrency is currently experiencing a correction after a brief upswing, some analysts believe this is a strategic accumulation phase foreshadowing a future price surge.
SHIB Knight, a prominent crypto analyst, recently revealed his intention to buy Shiba Inu at specific price points. This strategy hinges on his belief that the current price decline presents a compelling buying opportunity. Notably, SHIB Knight identified $0.000026 as a key support level that SHIB should hold to maintain its bullish momentum.
Read Also: XRP to $2? An In-Depth Analysis of the Multi-Year Descending Channel
While SHIB Knight refrained from making specific price predictions, other analysts have ventured forecasts for potential price targets upon a future price increase. Crypto market analyst Javon Marks anticipates a price target of $0.0000886 for SHIB during the next significant price rally.
Whales Accumulate SHIB at Discounted Prices
Despite the recent price dip, on-chain data suggests that large investors, often referred to as “whales” are actively accumulating SHIB. Times Tabloid reported a substantial purchase of 5.58 trillion SHIB tokens by a Shiba Inu whale last month, signifying their long-term confidence in the project.
Furthermore, in the past month alone, new whale addresses have demonstrably acquired nearly 184 billion SHIB from cryptocurrency exchanges.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Technical Analysis Suggests Potential for Growth
At the time of writing, Shiba Inu has dipped below the $0.000026 support level and currently trades at $0.00002534. To sustain its upward trajectory, SHIB must hold above the 20-day exponential moving average (EMA) hovering around the crucial $0.00002497 support zone. A breach below this level could trigger steeper price declines.
Read Also: Analyst Identifies Fibonacci 0.5 Level XRP Must Surpass For a Remarkable Surge to $1.4
Technical indicators like the Relative Strength Index (RSI) currently sit at 50, signifying a period of market neutrality. While this indicates some weakness, it also suggests that there’s potential for further growth in SHIB’s price. The Commodity Channel Index (CCI) at 43 reinforces this observation.
The ongoing accumulation of Shiba Inu by whales and the identification of potential buying zones by analysts suggest a bullish sentiment surrounding the cryptocurrency. While the short-term price correction presents a challenge, technical indicators hint at possible future growth. However, investors should conduct thorough research and due diligence before making investment decisions.
Follow us on Twitter, Facebook, Telegram, and Google News
