Shiba Inu (SHIB) Nears Breakout as Key Support Holds, Analyst Predicts

Shiba Inu Unveils Innovative Shibarium Burn Strategy

Shiba Inu (SHIB) is currently showing signs of bullish consolidation in the market. SHIB KNIGHT has identified a specific support level for the altcoin that could be beneficial for traders.

According to SHIB KNIGHT, Shiba Inu has been retesting a critical support level at the price of $0.00000721. As indicated by the chart shared, the token has successfully bounced back from this support level on at least four occasions.

SHIB Knight | Shiba Inu Chart

Moreover, given that the asset is currently trading at this same price level and there’s a likelihood of a rebound, SHIB KNIGHT suggests that a local bottom may have been established. A “bottom” in the world of cryptocurrency charts refers to a price level that the asset consistently does not fall below.

In 2023, Shiba Inu didn’t have the best performance. Despite notable growth in various ecosystem fundamentals, its price has dropped by as much as 13.3% year-to-date. This indicates that the launch of Shibarium has had a limited impact on its growth in the past quarter.

While overall market momentum significantly determines SHIB’s growth trend, the asset has demonstrated resilience. This resilience can help guide investors in determining opportune moments to enter the market, according to SHIB KNIGHT.

Furthermore, the well-known community figure believes that Shiba Inu is now reaching the end of the accumulation period. His chart predicts a forthcoming breakout, with a target price around the $0.00003 mark.

Related article: Shiba Inu (SHIB) Slips in Rankings as Dogecoin Struggles to Maintain Top 10 Position

Maintaining Positive Fundamentals

Despite starting as a meme coin, Shiba Inu has undergone an evolution since its inception, gaining more utility over time. Initially, the token transitioned into a highly deflationary cryptocurrency through a consistent burning mechanism.

Additionally, with millions of SHIB tokens removed from circulation recently, there is hope that increased demand will drive a price surge in the near to long term.

Moreover, the stage is set to enhance this demand with actual liquidity, as major trading platforms now list SHIB. One recent example is the inclusion of SHIB and BONE trading pairs by the Crypto Com exchange, featuring the PayPal USD (PYUSD) stablecoin.

Related also: Shibburn Denies SHIB Projects or Partnerships with Shiba Inu

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.

Share this :