Shiba Inu Enters Buying Zone, Analysts Predict Imminent Rise to $0.000085
Market analysts affirm that Shiba Inu has entered the buying zone, expecting a near-term increase to $0.000085 upon breaking the prevailing flag pattern. These comments come amidst continued market downturns, with SHIB recording one of its steepest short-term declines.
The current market collapse has erased May’s gains, with Shiba Inu now down 42.41% from its peak of $0.00002945. Interestingly, seasoned investors view such bearish trends as accumulation opportunities.
Sliding into the Buying Zone
Market analyst SHIB Knight shares similar sentiments, emphasizing that SHIB has entered the buying zone on the weekly timeframe, aligning with the midpoint of the $0.000017 area, a noted significant resistance zone for SHIB.
With Shiba Inu now below the $0.000017 threshold, market participants seeking asset accumulation have an opportunity to buy the token at reduced levels. SHIB is currently trading at $0.00001696, aiming to reclaim the $0.000017 mark as a hedge against sharp declines.
SHIB Knight stresses that Shiba Inu must defend this area to establish bullish momentum. Should bears push further from current levels, Shiba Inu’s last defense lies around the Fibonacci 0 level at $0.00001626.
Target Price $0.000085
Earlier this week, expectations pointed towards a push towards $0.000024, despite identifying the buying zone, SHIB Knight failed to provide specific price targets upon rebound. Meanwhile, separate analyst TradingView’s Ismaa’il Baqi highlighted an ambitious target range.
Baqi indicates that Shiba Inu is currently trading within an ascending flag on the daily timeframe, forming the pole during the rise from late February to March. However, the flag itself formed amid the ongoing rebound from the $0.000045 peak.
The analyst notes that SHIB retested the flag floor, collapsing to $0.000017, expecting an upcoming rebound that anticipates Shiba Inu eventually breaking above the upper trendline of the flag. According to him, this breakout could ultimately propel SHIB by 400% to a range between $0.00008.
Increased Buying Pressure on Shiba Inu
Additionally, data from IntoTheBlock reveals that Shiba Inu boasts a supply volume of 28.78 billion tokens across 11 exchanges, including Binance, Coinbase, and KuCoin. However, demand volume on these platforms stands slightly lower at 27.94 billion dollars.
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With a rise in bid volume (28.78 billion dollars) compared to demand volume (27.94 billion dollars), buying interest surpasses selling interest. This could signify potential price support and the possibility of price reversal or stabilization even during bearish trends.
Bulls purchased 1.64 trillion SHIB tokens worth approximately 28 million dollars yesterday, contrasting with bears who sold around 1.6 trillion tokens. This disparity indicates a decline in selling volume compared to buying, resulting in demand outweighing sales by over 38 billion tokens. With Shiba Inu currently trading at $0.00001696, these metrics could bolster recovery prospects.
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