Well-known market analyst SHIB Knight identifies the appropriate level to accumulate more Shiba Inu tokens in anticipation of a price peak at $0.00006765.
The analyst revealed it as Shiba Inu (SHIB) continues to fight bearish pressure. Notably, SHIB recently took advantage of Bitcoin’s resurgence to record a price surge towards $0.00002945 in an attempt to retest the $0.00003 price threshold. However, this price recovery met strong resistance from bears, leading to the current bearish situation.
The ensuing correction led to a retest of the low price of $0.00002145 on June 7. Although Shiba Inu immediately recovered from this level, he faced a crisis. roadblock at $0.000024, experiencing a pullback towards the $0.000023 mark. Shiba Inu struggles to break out of this downtrend, pushing above $0.000025, capable of triggering a change in momentum.
The analyst identifies the buying zone
Amid these price movements, SHIB Knight confirmed in its latest analysis that Shiba Inu is currently trading within a buy zone. This is a region where accumulating more SHIB tokens could be beneficial for market participants. However, SHIB Knight pointed out that Shiba Inu could still see steeper declines below $0.000023.
$SHIB is in the buy zone on the weekly chart. If the market collapses, it will collapse.
But if you bet on Bull Season, these levels (yellow lines) are useful for accumulation. pic.twitter.com/yryYSo18zb
— $SHIB KNIGHT (@army_shiba) June 10, 2024
According to him, if the cryptocurrency market collapses further, SHIB will fall to the support of $0.00002197. If the bears exert more pressure, a break below the $0.00002197 support would eventually culminate in a fall to $0.00001859. The last time Shiba Inu saw the $0.000018 level was in April.
Despite the possibility of such bearish pressure, SHIB Knight remains optimistic. According to him, if Shiba Inu witnesses such declines, these low levels represent an opportune area to accumulate more tokens.
Shiba Inu eyes $0.0006765
His chart data indicates that he has set three immediate goals for the Shiba Inu once the uptrend begins. The first target rests on the $0.00004528 level, in line with the resistance SHIB faced during the rally in late February and early March. The second target is located at $0.00005388, potentially representing a new yearly high.
The analyst’s ultimate target is $0.00006765, Shiba Inu’s highest level since November 2021. Meanwhile, as of this writing, SHIB is trading for $0.00002324, trying to transcend the bearish zone of $0.000023. SHIB attended resumption of accumulationa trend that could help strengthen the chances of recovery.
