Shiba Inu (SHIB) price has been on a major bearish correction spree, but expectations of rebound are returning to its ecosystem.
Shiba Inu has one of the most enthusiastic communities in the Web3 scene, and their confidence over the potential of the token to surmount challenges is high. This optimism is currently being showcased by community member and analyst SHIB KNIGHT on X.
According to him, there is an intense whale accumulation that might ultimately send the token on a bullish ride in the near term.
Projected Shiba Inu Bullish Scenario
According to SHIB KNIGHT’s data, Shiba Inu is forming a falling wedge pattern on the weekly timeframe. He pointed out that SHIB whales bought the coin intensively at the $0.00000875 Golden Zone Support.
With this intense accumulation, he suggested that the price of the token may hold from further falling at this level. Following this foundation, $SHIB KNIGHT posited that under bullish circumstances, the price targets of SHIB will be between the $0.00000896 to $0.00001486 range.
$SHIB is forming falling wedge bullish pattern on weekly chart.
Whales bought heavily on 875 Golden Zone Support, so it could hold this level.
In a Bullish scenario, targets are from 896 to 1486. Send it #ShibArmy ?? pic.twitter.com/y67fI0tEFL
— $SHIB KNIGHT (@army_shiba) January 24, 2024
Shiba Inu’s price drawdown has seen the coin fall to a monthly low of $0.00000846 amid intensive capital flight.
At the time of writing, the price and market capitalization of the token are down 0.83% in 24 hours to $0.00008853 and $5,218,519,898, respectively. Buying enthusiasm is also seeing a bearish sentiment as trading volume is down by 22% to $88,564,332.
Despite this outlook, the projected price floor of $0.00000875, as inferred by $SHIB KNIGHT, might usher in brighter days ahead for the token.
Broadening SHIB Utility Through Shibarium
The short-term price recoveries of Shiba Inu are hinged on a few factors that are in the full glare of observers. Building the positive sentiment that can drive prices higher depends partly on the advances in Shibarium, the protocol’s Layer-2 scaling solution.
Should new projects make their way to Shibarium, it might help jerk up the demand for SHIB, which in turn might have a positive impact on the price. Shibarium burns could also help with the extensive supply problem.
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 reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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