Shiba Inu recently retested the much-coveted $0.00003 psychological price territory, triggering new pivotal support and resistance levels to watch.
In the past 24 hours, the price of Shiba Inu has gained 6%, briefly trading above $0.00003. This increase comes off the back of a broader crypto market recovery and has reignited user interest in Shiba Inu.
As such, attention returns to Shiba Inu, an experienced trader, SHIB Knight, who has shared the next key support and resistance levels for investors to watch. The support level found on the two-hour SHIB/USD chart ranges between $0.00002747 and $0.00002864, while the resistance levels rest at the $0.00003051 and $0.00003357 territories.
Looking closely at the top and lower bounds of these levels, the charts reveal that Shiba Inu has already tested the $0.00002864 support in the past 24 hours but made a swift rebound. The coin had also briefly tested the resistance at $0.00003051 but experienced a mild pullback as bears overpowered bulls.
$SHIB 2H Chart 🔥
Shiba Inu had a nice pump together with other tokens. It rejected at 3051 resistance and currently on 2864 support. Market is good, it should rise more.
🔺️ Targets: 3051, 3167, 3357
🔺️ Supports: 2864, 2802, 2747 pic.twitter.com/FvErHeACwq— $SHIB KNIGHT (@army_shiba) March 26, 2024
As long as Shiba Inu continues to trade within this range, chances of a breakout remain high, especially with the asset pushing to break through the $0.000030 resistance at the time of writing. When this breach fully materializes, Shiba Inu may get the opportunity to return to its early month highs of $0.000045.
On the other hand, a slip below the outlined support levels might prove fatal, as it would take Shiba out of its current trading range back under $0.000026. However, market sentiment remains generally bullish, backing Shiba Inu to reach higher prices in the days ahead.
Shiba Inu Aims for $0.000045 and Beyond
Shiba Inu’s resurgence brings many earlier predictions for the cryptocurrency’s price back in contention. Earlier this week, prominent market analyst Crypto Patel forecasted that, having broken through a symmetrical triangle, Shiba Inu will rise 57% to cross the $0.000045 mark.
In the long-term, a more bullish projection sees Shiba Inu reaching the landmark $0.001 price before the end of this cycle. The prediction is largely based on Shiba Inu’s performance in the previous market cycle and a potential repeat if the current bull run gains more momentum.