An experienced market analyst has observed a positive trend in Shiba Inu’s price movement. After dropping to $0.0000238 during the recent cryptocurrency market pullback, SHIB has rebounded twice at this support level. This double bounce indicates significant buyer interest at this price point.
Analyst’s Commentary on SHIB
Analyst SHIB Knight, in an article on X, emphasized the importance of this behavior, suggesting that many investors see $0.0000238 as a suitable entry point for Shiba Inu.
Previously, SHIB attempted to surpass the resistance level at $0.0000328 but failed, leading to a price retracement. However, SHIB Knight maintains his belief in SHIB’s increased potential to climb to new peaks following the confirmation of the strong $0.0000238 support.
The Outlook for Shiba Inu
SHIB Knight pointed out that the trading range between $0.0000238 and $0.00003281 indicates a consolidation phase for Shiba Inu. According to the analyst, after this sideways price action, there is potential for SHIB to break out towards new all-time highs (ATHs).
The question that arises is whether Shiba Inu can reclaim its previous peak prices. In 2021, SHIB reached its all-time high of $0.00008845.
During the latest rally, the price reached $0.000044. Observers of the market predict a recovery for the crypto asset ahead of the next Bitcoin halving.
Some analysts believe that SHIB could surpass its historical peak in the short term. The recent low of $0.00002249 is seen as a significant buying opportunity.
While predictions continue to emerge, Shiba Inu has lost 6% in value and is trading at $0.00002646 at the time of writing. The trading volume over the last 24 hours was approximately $1.45 billion. On the other hand, its market cap of $15.5 billion ranks it as the 12th largest cryptocurrency by volume.
Furthermore, the Shibarium, SHIB’s Layer-2 solution, continues to reduce transaction fees and supports the functionality of the Shiba Inu ecosystem. Following these developments, investor confidence has increased, paving the way for many new users to enter the market.
