Crypto analysts say Shiba Inu is now in a buy zone. They anticipate a breakout from the flag pattern and a rally to $0.000085.
$SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend. pic.twitter.com/yrYtZTPud6
— $SHIB KNIGHT (@army_shiba) June 26, 2024
These bullish predictions come amid the market-wide onslaught, which has depressed prices across several crypto assets. Shiba Inu wasn’t spared in the downturn, as the meme coin has dropped 42.42% from its past month’s peak of $0.00002945.
Shiba Inu (SHIB) trades at $0.00001709, having declined 2.65% in the past 24 hours and 31.6% in the past 30 days.
However, many investors view such retracements as an opportunity to accumulate tokens ahead of a possible recovery. So, can SHIB rebound to cover new heights?
Shiba Inu Enters Buy Zone as Analysts Identify Recovery Signal
Crypto analyst SHIB Knight noted that Shiba Inu has transitioned into a buy zone on the weekly chart. This buy zone aligns with a midpoint at the $0.000017 threshold, a major resistance level for SHIB.
With Shiba Inu now trading around the $0.000017 region, the increased entrance of buyers looking to augment their holdings at lower prices could trigger a rebound.
SHIB Knight stated that Shiba Inu bulls must defend this buy zone for any chance of an uptrend. However, if the bears prevail, then SHIB’s next support level is at the $0.000016 price level, which is a significant support zone. Meanwhile, SHIB Knight did not give any price target for Shiba Inu.
Also, TradingView analyst Esmaai Baiki set a bold price target for Shiba Inu.
Baiki noted that Shiba Inu’s daily chart currently displays a bull flag pattern whose pole was formed during a rally between February and March this year. The flag’s uppermost part developed during the ongoing market retracement as SHIB fell from its $0.000045 peak.
Baiki’s analysis reveals that SHIB retested the floor of the flag pattern as it declined to $0.000017. He believes a breakout above the flag’s upper trendline is imminent. According to the analyst, this upcoming breakout will propel Shiba Inu to the $0.00008 to $0.000085 range, marking a 400% increase.
Additionally, IntoTheBlock data reveals that SHIB has an impressive bid volume of 28.78 billion tokens on eleven exchanges, including Binance, KuCoin, and Coinbase.
The ask volume on these platforms is 27.94 billion, lower than the bid volume (28.78 billion). A higher bid volume suggests the buying interest is higher than the selling interest.
Also, IntoTheBlock reveals that buyers purchased 1.64 trillion SHIB tokens valued at approximately $28 million. On the other hand, the bears sold around 1.6 trillion tokens showing a lower sell volume for SHIB.
This suggests that demand for SHIB surpasses sales by more than 38 billion tokens, indicating buyers’ dominance. These metrics suggest that SHIB has a high recovery chance.
What is Next for SHIB?
SHIB has formed a green candle today, suggesting buyers’ attempts by the buyers to force a recovery. However, it faces rejection at the $0.00001730 price level, creating price volatility today. It has found support at the $0.00001683 price level critical to its recovery rally.
Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile, high-risk asset class.
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