Shiba Inu Breaks Downtrend, Analyst Sets Buying Guide for 167% Profit
The post Shiba Inu Breaks Downtrend, Analyst Sets Buying Guide for 167% Profit appeared on BitcoinEthereumNews.com.
Shiba Inu (SHIB) has broken above a significant downtrend, with an analyst recently setting up a price target for an ultimate 167% uptrend. Shiba Inu has dropped with the rest of the markrt. Despite this downward movement, many traders and analysts believe there is potential for recovery. Targets have been identified for SHIB’s price, following its recent breakout from a downward trendline. One notable analyst on TradingView, Darshana Alwis, has outlined specific price levels for SHIB that could guide its next moves. Downtrend Breakout Sparks New Targets On August 20, SHIB managed to break through a prolonged downward trendline. The trendline, which began from a mid-April high, had kept SHIB in a consistent downtrend for several months. Prior to this breakout, SHIB’s price had seen sharp declines from around the $0.00002900 mark in late May to a low of $0.00001294 before attracting renewed buying interest. Following the breakout, the price sits around $0.00001378, opening up new possibilities for traders targeting potential gains. Shiba Inu Price Chart | Darshana Alwis The first price target, according to Alwis, lies at $0.00001558, representing a 37.25% increase from current levels. This level has acted as resistance in the past and could once again challenge SHIB’s upward movement. However, if breached, it may provide an opportunity for higher gains. If SHIB can clear the first resistance level, the next target stands at $0.00002640, representing a possible 78.41% increase. At this point, traders will likely encounter more resistance, as this area could become a battleground for both buyers and sellers. The final, more ambitious target stands at $0.00003954, representing a massive 167.23% gain from the breakout level. Reaching this point would signify a significant recovery for SHIB and may attract more speculative interest. Large Holders’ Are Not Selling Large holders, also known as “whales,” have shown…
Filed under: News - @ August 28, 2024 12:19 pm