Shiba Inu (SHIB) has captivated analysts’ interest, sparking discussions about potential buying zones and a forthcoming price rally. Despite a recent correction following a brief upswing, some experts perceive this as a strategic accumulation phase, hinting at a future surge.
Key Support Level Identified
Notably, SHIB Knight, a prominent crypto analyst, has expressed his intention to acquire Shiba Inu at specific price points. He pinpointed $0.000026 as a crucial support level that SHIB must maintain to sustain its bullish momentum.
Forecasted Price Targets
While SHIB Knight refrained from making explicit price predictions, other analysts have ventured to forecast potential price targets for the anticipated rally. Crypto market analyst Javon Marks anticipates SHIB reaching $0.0000886 during the next significant price increase.
Whale Accumulation Amid Dip
Interestingly, on-chain data suggests that large investors, commonly referred to as “whales,” are actively accumulating SHIB during the current dip. FXcrypto news reported a substantial purchase of 5.58 trillion SHIB tokens by a Shiba Inu whale last month, signifying their long-term confidence in the project.
Moreover, in the past month alone, new whale addresses have demonstrably acquired nearly 184 billion SHIB from cryptocurrency exchanges, further highlighting the growing interest from large investors.
Technical Analysis Paints Bullish Picture
At the time of writing, Shiba Inu has dipped below the $0.000026 support level, currently trading at $0.00002534. However, to sustain its upward trajectory, SHIB must hold above the 20-day exponential moving average (EMA) hovering around the crucial $0.00002497 support zone.
Technical indicators like the Relative Strength Index (RSI) currently sit at 55.69 suggesting a potential for further growth in SHIB’s price. Additionally, the Commodity Channel Index (CCI) at 34.94 reinforces this observation.
Bullish Sentiment Prevails
The ongoing accumulation of Shiba Inu by whales, coupled with the identification of potential buying zones by analysts, suggests a prevailing bullish sentiment surrounding the cryptocurrency. While the short-term price correction presents a challenge, technical indicators hint at possible future growth.
However, investors should exercise caution and conduct thorough research before making investment decisions, as the cryptocurrency market can be highly volatile and unpredictable.
Read Also: Shiba Inu Struggles as Price Drops Below Crucial EMA Support
