Pseudonymous market analyst Mehrhpm forecasts a significant price surge for Shiba Inu (SHIB) if it closes above $0.000026 daily. He shared this analysis on TradingView, highlighting his personal views on SHIB’s potential. This prediction surfaces amid bearish pressures from a broader market downturn.
Since reaching a high of $0.00002633 on June 5, Shiba Inu has declined, affected by the larger crypto market’s downtrend and reduced accumulation by key holders. Currently priced below $0.000022, SHIB has dropped over 17% from its June 5 peak.
Critical Level For Recovery
Despite the ongoing turbulence, many analysts remain optimistic. Mehrhpm, in particular, believes a recovery is imminent. He emphasizes that closing above $0.000026 is crucial for a bullish push. The last time SHIB was in this price zone was on June 6, following its drop from the June 5 high.
Mehrhpm argues that reclaiming $0.000026 and securing a daily close above this level could trigger a 3x to 4x price increase, potentially reaching a new yearly peak of $0.000075 or higher. Another TradingView analyst, Bithereum, notes that SHIB currently sits at a significant support zone around $0.000021. He suggests a rebound from this level is likely. However, he does not rule out a steeper decline, possibly to the 200-day MA at $0.00001830.
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Should Shiba Inu defend the $0.000021 support and experience a surge, Bithereum sets multiple targets for the uptrend: $0.00002757, $0.00003184, $0.00003712, and the yearly high of $0.00004567. Achieving this would help Shiba Inu recover losses since March 5.
Indicators Of Bullish Prospects
Shiba Inu’s Relative Strength Index (RSI), currently at 39.62, suggests it is nearing undervalued regions and could rebound once it breaks above its multi-month symmetrical triangle. Despite the Accumulation/Distribution metric showing market indecision, Shiba Inu seems to be dominated by bulls.
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According to IntoTheBlock (ITB) data, SHIB has seen more buys than sells, with buys surpassing sells by 170 billion tokens on June 12. Over the last week, there have been 172 large buyers and 168 large sellers, indicating bullish sentiment.
By closing above $0.000026, Shiba Inu could embark on a substantial upward trend, overcoming current market challenges.
