Shiba Inu (SHIB) just made an emphatic move away from its bearish zone with optimistic projection filling the horizon.
Shiba Inu is one of the big beneficiaries of the ongoing market resurgence, climbing 2.81% in 24 hours to $0.000009766. The market capitalization and trading volume also tell a similarly bullish story with 2.8% and 44.27% surges to $5,754,891,906 and $199,615,951, respectively.
The Shiba Inu resurgence story is characterized by massive resilience. The token had stayed depressed for some weeks as the $0.00001 price level served as a major resistance point it could not breach. While it is still trading below this level, market analyst SHIB KNIGHT is optimistic a breakout is imminent.
Shiba Inu Ambitious Target Locked
According to SHIB KNIGHT, Shiba Inu has broken its downtrend on the weekly chart. The analyst identified the $0.00000953 price level as the support to watch, noting that the market is looking “good” with SHIB preparing for its next leg up.
SHIB KNIGHT highlighted 4 major price targets to watch as the SHIB revival continues. The first target is $0.00001011. Then he believes the next significant levels are $0.00001193, and $0.00001309. Ultimately, he noted that the token could soar as high as $0.00001492.
$SHIB 1WEEK Chart
Shiba Inu breaks downtrend on weekly chart & it's on 953 support now. Market is good, next leg is loading.
🔺️Targets: 1011, 1193, 1309, 1492
🔺️Supports: 953, 896, 880 pic.twitter.com/clHxBWh5Wk— $SHIB KNIGHT (@army_shiba) February 14, 2024
While the analyst presented no timeline, he balanced his view by identifying three key support levels that investors need to watch out for. These support levels include $0.00000953, $0.00000896, and $0.00000880.
Breaking One Zero is Just a Start
Shiba Inu last traded at $0.00001 in early January this year. Though this price level marks its short-term target, the community has more lofty expectations for the token.
Members of the Shib Army are targeting the removal of not just one zero but four, attempting to hit the ambitious 1 cent goal in the long term, a target it hopes to achieve by drawing on its token burn campaign. With this goal, retesting $0.00001 might just be a starting point for the token.
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