The post Daily Shiba Inu Close Above this Level Could Lead to $0.000075: Top Analyst appeared on BitcoinEthereumNews.com.

Pseudonymous market analyst Mehrhpm believes Shiba Inu could record a massive price surge toward the $0.000075 level if it can record a daily close above $0.000026. The chartist disclosed this in a recent analysis on TradingView, stressing that this commentary represents his personal opinion on Shiba Inu’s price prospects. This latest report comes at a time when SHIB is facing mounting pressure from the bears due to a broader market collapse. Since reaching a high of $0.00002633 on June 5, Shiba Inu has been witnessing price declines. This is partly due to a downtrend in the larger crypto market and a drop in accumulation among key holders. At the current price below $0.000022, SHIB is down by more than 17% from the $0.00002633 high. Shiba Inu Must Close Above $0.000026 The ongoing turbulence has put investors on edge, but most market analysts remain unfazed. One such analyst is Mehrhpm, who personally sees an imminent recovery. To him, the $0.000026 price level is pivotal for this recovery push. The last time Shiba Inu saw this price zone was on June 6, as it dropped from the June 5 high of $0.00002633.  Interestingly, SHIB does not only need to reclaim $0.000026, but must also secure a daily close above the crucial price territory. In his opinion, Mehrhpm sees Shiba Inu recording a 3x to 4x price increase after such a bullish close, potentially pushing its value to a new yearly peak at $0.000075 or higher ground. Shiba Inu Daily Chart | Mehrhpm Meanwhile, another TradingView analyst, Bithereum, recently noted that SHIB currently sits at a major support zone around the $0.000021 level. He stressed that a rebound from this level is highly probable. Nonetheless, Bithereum did not rule out the possibility of a steeper decline, which could lead to a lower support…

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Filed under: News - @ June 14, 2024 10:28 pm