Shiba Inu (SHIB), a popular meme-coin, has faced recent headwinds due to a broader cryptocurrency market downturn. However, prominent analyst Mehrhpm remains optimistic about SHIB’s future price trajectory.
Mehrhpm’s analysis, published on TradingView, highlights a critical price level of $0.000026 that could signal a significant upswing for SHIB. According to the analyst, a daily close above this level could pave the way for a substantial price increase, potentially reaching $0.000075 or even higher. This would represent a 3x to 4x increase from SHIB’s current price.
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It’s important to note that Mehrhpm’s outlook is based on his technical analysis and should not be considered financial advice.
Technical Indicators Point to Potential Bullish Move
While the broader market sentiment leans bearish, Mehrhpm’s technical analysis identifies factors suggesting a potential bullish reversal for SHIB. The $0.000026 price level holds significance as it represents the last time SHIB experienced a daily close above that mark before the recent decline.
Mehrhpm’s analysis is not the only one suggesting a potential upswing for SHIB. Fellow TradingView analyst Bithereum points to a major support zone around $0.000021. A rebound from this level is considered likely by Bithereum. However, they acknowledge the possibility of a steeper decline toward the 200-day moving average (MA) currently at $0.00001830.
Support and Resistance Levels Offer Insights
Bithereum’s analysis expands on potential price movements for SHIB. Should the coin successfully defend the $0.000021 support and embark on an upward trajectory, Bithereum outlines multiple resistance levels to watch.
These targets include $0.00002757, $0.00003184, $0.00003712, and ultimately, the 2024 high of $0.00004567. Reaching this level would signify a significant recovery for SHIB, potentially erasing losses incurred since early March.
On-Chain Data Reveals Bullish Signs
Beyond technical indicators, on-chain data from IntoTheBlock (ITB) suggests a potential dominance of market buyers for SHIB. According to ITB, SHIB experienced a significant buying spree on June 12th, with purchases exceeding sales by about 170 billion tokens.
Over the past week, data indicates 172 large buyers compared to 168 large sellers for SHIB. This suggests a potential accumulation trend that could bolster the price in the long term.
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Shiba Inu’s RSI Hints at Undervaluation
The Relative Strength Index (RSI) is a technical indicator employed to gauge whether an asset is overbought or oversold. Currently, SHIB’s RSI sits at 35.6, which suggests it might be nearing undervalued territory. This, coupled with a potential breakout from a multi-month symmetrical triangle pattern could signal an upcoming price rebound for SHIB.
While the cryptocurrency market remains volatile, analyst Mehrhpm’s technical analysis and on-chain data from ITB suggest potential reasons for optimism regarding Shiba Inu’s future price performance. A daily close above $0.000026 could be a significant turning point, with a potential upside exceeding 250%, based on the current price of SHIB.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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