Will Shib Go Up As Shiba Inu Enters Buy Zone, Targets $0.000085 Upon Flag Breakout
The post Will Shib Go Up As Shiba Inu Enters Buy Zone, Targets $0.000085 Upon Flag Breakout appeared on BitcoinEthereumNews.com.
Market analysts confirm Shiba Inu has entered a buy zone, predicting a looming rally to $0.000085 upon breakout of a prevailing flag pattern. These commentaries come on the back of the ongoing market collapse, as SHIB records one of its largest short-term declines. The current market collapse has erased its May gains, with Shiba Inu now down 42.41% from the $0.00002945 peak. Interestingly, most seasoned investors regard periods of market downtrend like this as opportunities for accumulation. Shiba Inu Downtrend Shiba Inu Slips into Buy Zone Market analyst SHIB Knight holds the same sentiment. The market watcher stressed in an analysis that SHIB has entered the buy zone on the weekly timeframe. The region aligns with the midpoint of the $0.000017 territory. Notably, The Crypto Basic previously confirmed that this zone represents a significant resistance area for SHIB. $SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend. pic.twitter.com/yrYtZTPud6 — $SHIB KNIGHT (@army_shiba) June 26, 2024 With Shiba Inu now below the $0.000017 threshold, market participants looking to augment their holdings have an opportunity to procure the token at discounted levels. SHIB now trades for $0.00001696, looking to recover the $0.000017 level to hedge against any steeper declines. Notably, SHIB Knight stressed that Shiba Inu must defend this area to have a chance at an uptrend. If the bears manage to trigger further drop from this current level, Shiba Inu’s last defense point rests at the lower level of the $0.000016 region, specifically Fib. 0 at $0.00001626. A $0.000085 Price Target The Crypto Basic confirmed this support earlier in the week, with projections of a push toward $0.000024. However, despite identifying the buy zone, SHIB Knight failed to present any price targets for when a rebound occurs. Meanwhile, in a separate analysis, TradingView analyst Esmaei…
Filed under: News - @ June 27, 2024 1:10 pm