Notable market analyst SHIB Knight identifies the appropriate level to accumulate more Shiba Inu tokens in anticipation of a price spike to $0.00006765.
The analyst disclosed this as Shiba Inu (SHIB) continues to battle bearish pressure. Notably, SHIB recently leveraged Bitcoin’s resurgence to record a price surge toward $0.00002945 in an attempt to retest the $0.00003 price threshold. However, this price upswing met fierce resistance from the bears, leading to the current bearish situation.
The correction that followed resulted to a retest of the $0.00002145 floor price on June 7. Though Shiba Inu immediately recovered from this level, it faced a roadblock at $0.000024, experiencing a pullback to the $0.000023 threshold. Shiba Inu struggles to break out of this bearish trend, with a push above $0.000025 capable of triggering a shift in momentum.
Analyst Identifies Buy Zone
Amid these price movements, SHIB Knight confirmed in his latest analysis that Shiba Inu currently trades within a buy zone. This is a region where accumulating more SHIB tokens could be beneficial to market participants. However, SHIB Knight stressed that Shiba Inu could still record steeper dips below $0.000023.
$SHIB is at Buy Zone on weekly chart. If market crashes it will go down.
But if you bet on Bull Season, these levels (yellow lines) are good for accumulation. pic.twitter.com/yryYSo18zb
— $SHIB KNIGHT (@army_shiba) June 10, 2024
According to him, if the crypto market crashes further, SHIB would drop to the $0.00002197 support. Should the bears exert more pressure, a break below the $0.00002197 support would eventually culminate in a drop to $0.00001859. The last time Shiba Inu saw the $0.000018 level was in April.
Despite the possibility of such bearish pressure, SHIB Knight remains optimistic. According to him, if Shiba Inu witnesses such declines, these low levels represent an opportune zone for amassing more tokens.
Shiba Inu Eyes $0.0006765
Data from his chart indicates that he has set three immediate targets for Shiba Inu once the uptrend kicks off. The first target rests on the $0.00004528 level, aligning with the resistance SHIB faced during the late February to early March rally. The second target sits at $0.00005388, potentially representing a new yearly peak.
The analyst’s ultimate target is $0.00006765, Shiba Inu’s highest level since November 2021. Meanwhile, at press time, SHIB trades for $0.00002324, looking to transcend the bearish $0.000023 zone. SHIB has witnessed a resurgence of accumulation, a trend that could help bolster chances of a recovery.
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