SHIB Knight’s Bold Prediction: Shiba Inu to Reach $0.00006 Soon

Notable analyst SHIB Knight anticipates Shiba Inu (SHIB) reaching a new yearly peak of $0.00006 after breaking a significant resistance level during a 17% three-day spike. Shiba Inu is recovering after weeks of range-bound movements below key price levels. This recent surge allowed SHIB to retest the $0.000029 mark today, its highest in nearly two months.

Three-Day Surge

In just three days, Shiba Inu soared by an impressive 17.56%, marking its biggest gains since a similar uptrend in late February. Back then, SHIB experienced a 370% gain, peaking at $0.000045. SHIB Knight, closely monitoring Shiba Inu’s price trends, now believes this current uptrend could lead to similar gains. The analyst confirmed that SHIB’s latest rally has broken above a resistance trendline that had held it back for over two months.

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— $SHIB KNIGHT (@army_shiba) May 29, 2024

This resistance trendline formed after SHIB dropped below the $0.00004567 high on March 5. Every attempt to break it faced strong resistance from bears, leading to lower highs. However, a successful breakout occurred on May 15, when Shiba Inu saw a 9.88% intraday gain, breaching the $0.000025 mark. Despite this, SHIB faced a battle at this level, with concerns of a drop below if bears triggered enough selling pressure.

Push Toward $0.00006

The recent 17% gain helped Shiba Inu confidently push above this resistance area, indicating a possible price upswing. SHIB Knight believes this could lead Shiba Inu to a new yearly high of $0.00006. The last time SHIB reached this level was in November 2021.

At its current price of $0.00002876, Shiba Inu would need a 108% rise to hit $0.00006, significantly lower than the 370% increase from February to March. Moreover, despite the spike, SHIB’s daily RSI remains at 65.97, below the 70 threshold, suggesting more room for growth.

The Crypto Basic confirmed a massive transaction volume of 5.3 trillion SHIB yesterday. Latest data from CryptoQuant shows over 1 trillion SHIB in exchange netflow, which could increase selling pressure. Interestingly, the last time such a spike occurred was in late February, just before SHIB’s rally to $0.000045.

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With the recent 17% spike and the breach of major resistance, SHIB Knight predicts Shiba Inu could soon reach $0.00006, driven by the ongoing uptrend and substantial transaction volumes.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.