Kamaz, a prominent trader known for issuing daily signals, has identified a promising long-trade opportunity for Shiba Inu holders with the potential for a magnified 12% gain.
In his latest update, Kamaz revealed favorable entry and exit points for Shiba Inu long traders. The veteran trader noted that Shiba Inu traders may open long positions at the asset’s current market value, having spotted signs of an impending upswing.
With Shiba Inu hovering around $0.00002883 at the time of the disclosure, the analyst identified three profit-taking targets for traders leveraging his signal.
$SHIB Long Trade:
Entry: Market Entry
Take Profit: 0.0329
Stop Loss: 0.0281 pic.twitter.com/RAIYHGHVyU— 𝗞𝗮𝗺𝗮𝘇⚡️ (@KamazXBT) April 9, 2024
Profit-Taking Targets
According to an accompanying chart, the earliest exit point for this signal is when Shiba Inu immediately breaches the $0.00003 territory, with the first target set at the April 1 low of $0.000030136. Traders looking to secure more profits would get an opportunity to exit at the second-take profit target set at the March 21 high of $0.000031336.
However, the analyst’s third and ultimate exit point for this Shiba Inu trade is $0.0000329, representing Shiba Inu’s peak price on March 28. Notably, this target suggests that analysts expect Shiba Inu to rally by 12.37% in the short term. He anticipates these gains to materialize between now and April 12.
Meanwhile, Kamaz noted that should Shiba Inu crash to $0.0000281, this short-term bullish signal would become invalidated. Notably, Shiba Inu trades at $0.00002824 at press time. The asset has experienced a steep decline within the past few hours, erasing previous gains of the last 24 hours.
Why Long Shiba Inu Now
Besides, Kamaz revealed the factors that influenced his bullish call for Shiba Inu. It follows a comprehensive analysis of various indicators and patterns, including a bullish breaker and a notable support and resistance flip.
The analyst noted that former resistance levels for Shiba Inu are now acting as support zones. This technical phenomenon hints at a significant shift in market sentiment.
Moreover, Kamaz highlighted the presence of a “Local Turtle Soup” pattern and the formation of Inverse Fair Value Gaps (IFVG), which he considers compelling evidence of an impending uptrend.
Additionally, the observation of SHIB within an “Inside 1D Bullish Order Block” and within a discount zone further reinforced the bullish outlook.
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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