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.
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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.
Let's check $SHIB Weekly Chart:
It bounced on 2380 support twice, meaning people are buying at this level. This is good for long term, as it helps to build a solid support.
It rejected once at 3281 and haven't touched that resistance yet.
Maybe some more accumulation in 2380 -… pic.twitter.com/tqsdOQupcQ
— $SHIB KNIGHT (@army_shiba) March 21, 2024
Accumulation Phase May Precede Breakout
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.
Optimistic Forecasts for Shiba Inu (SHIB)
The central question remains whether Shiba Inu can regain its previous peak prices. During the last market cycle, SHIB reached an all-time high of $0.00008845 and has already attained a high of $0.000044 in the current cycle. Market experts express optimism, forecasting a recovery for the digital asset before the next Bitcoin halving event.
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.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Top 100 Ethereum Whales Now Hold 49 Trillion Shiba Inu (SHIB) Worth $362 Million
Factors Supporting Shiba Inu’s Growth
Shibarium: SHIB’s Layer-2 solution, known as Shibarium, reduces transaction fees and enhances the functionality of the Shiba Inu ecosystem. This development has bolstered investor confidence and attracted a ton of new users.
Shiba Burn Portal: The Shiba Inu burn portal actively removes SHIB tokens from circulation, increasing scarcity and potentially driving up prices. This burn mechanism has contributed to deflationary pressure on the cryptocurrency. In the last 24 hours, SHIB has experienced a 260.28% rise in its burn rate, burning 40,198,417 tokens.
Growing Adoption: An increasing number of businesses and online merchants now accept Shiba Inu as a form of payment. This mainstream adoption reflects the coin’s rising status and could attract a wider investor base.
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