Market Expert Shares Where to Consider a Long on Shiba Inu

Shiba Inu has joined a broader market downtrend, and a top market analyst has highlighted where he would consider opening a bullish position.

For context, Shiba Inu has corrected a staggering 7.37% since the start of today and is on course for its largest single-day decline since May 30. This has seen it relinquish some of its 16% gains from last week, as other altcoins face a similar plight.

However, this might be part of a broader bullish picture, analyst CJ shared in a July 23 tweet. He highlighted where he considered to be a good buying opportunity for Shiba Inu, stating he would go long at the zone.

- Advertisement -

Buy Opportunity at Mid-Range Demand Zone

First, the analyst disclosed that Shiba Inu is on his watchlist, as he likes the macro structure of the meme coin. While he did not provide further context for that, his statement suggests a bullish disposition towards SHIB.

Meanwhile, its price is currently in a downtrend, and CJ has his alerts set at a price range where he considers a good entry point to go long. Specifically, he mentioned that he would consider opening a long position on Shiba Inu if it retraces to the mid-range demand zone.

For context, SHIB has maintained a trend within a price range since early this year, particularly since February 2. Shiba Inu’s 11.88% drop on the day pushed it into the channel, and it has since failed to break either upward or downward.

Furthermore, Shiba Inu has revisited the bottom of the channel, which is a strong support area, twice. It did so with April’s lows of $0.00001029 and June’s lows of $0.00001004. SHIB also surged to the top of the channel, reaching a high of $0.00001765 on May 12, before facing a price rejection.

As a result, the upper boundary stands at around $0.00001764 and the lower boundary at $0.00001004. An accompanying chart shows that the mid-range zone stands between $0.0000142 and $0.0000128.

Remarkably, Shiba Inu has broken below the upper range of this mid-demand zone at the time of writing but remains above the lower range. This suggests that SHIB is well within the analyst’s range for a good buy opportunity.

What’s Next for Shiba Inu

Interestingly, CJ does not expect Shiba Inu to fall below this price range. His chart suggests that the meme coin will rebound from the mid-range demand zone to higher prices.

Precisely, the market watcher predicts a rally to finally break the upper resistance of the multi-month price range to over $0.0000190. Such an upsurge from its current price of $0.00001416 would represent an over 34% growth and would take SHIB to a 6-month high.

Notably, recent on-chain data analysis indicates a supply cluster between $0.0000140 and $0.0000190. If Shiba Inu survives this, as CJ’s analysis suggests, it would likely rally to the next level at $0.000024 and subsequently to $0.000035.