Shiba Inu (SHIB), the popular meme coin, has garnered attention from the cryptocurrency community. This renewed interest comes after a prominent Bitcoin advocate, Davinci Jeremie, shared his thoughts on SHIB’s potential price movements and a possible buying strategy for investors.
Jeremie, known for his early endorsement of Bitcoin in a 2013 YouTube video, has become a vocal proponent for Shiba Inu. Throughout 2023, he has urged investors to consider adding SHIB to their portfolios. Notably, his latest remarks delve into a specific buying strategy for those interested in entering the Shiba Inu market.
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SHIB’s Recent Performance and Potential Breakout
Jeremie acknowledges the significant price increase SHIB experienced between February and March 2024. During this period, the price surged from $0.00000967 to a local high of $0.00004567, representing a remarkable 372% gain within a week. However, he also recognizes the recent correction that has seen SHIB retrace some of those earlier gains.
Shytoshi Kusama’s Reaction to the Technical Analysis
To illustrate his point, Jeremie presents a chart suggesting that SHIB is currently trading within a descending parallel channel. According to his analysis, a breakout from this channel could signal another significant price increase.
He identifies the $0.000025 or $0.00003 price zone as potential breakout points, with an initial target of $0.00006 – a level that aligns with the predictions of market analyst SHIB Knight.
Based on this technical analysis, Jeremie’s chart implies a buying strategy focused on acquiring SHIB before it surpasses the $0.000025 or $0.00003 thresholds.
In response to Jeremie’s video and proposed strategy, Shytoshi Kusama, the lead developer of Shiba Inu, expressed his support with a Dragonball meme. This subtle nod suggests that the project team is following discussions surrounding SHIB’s price potential.
Current Market Situation and Important Considerations
It’s important to note that SHIB has already surpassed the $0.000025 price point on the back of a recent uptrend that saw a 17% increase in three days. While currently experiencing a correction after reaching a high of $0.00002945, SHIB remains below the crucial $0.00003 level. This presents a potential opportunity for investors seeking an entry point at a lower price point.
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It’s important to note that Jeremie’s strategy is for informational purposes only and isn’t financial advice. The cryptocurrency market is volatile, and SHIB’s price may not follow the projected trajectory. Investors should do their research before making any decisions.
The factors of a prominent Bitcoin advocate’s support, a potential technical breakout, and the lead developer’s acknowledgment paint an intriguing picture of Shiba Inu’s future. However, only time will tell if the meme coin can maintain its momentum and turn the interest into sustained price growth.
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