Shiba Inu Breaks Downtrend On Weekly Chart Analyst Says
Shiba Inu is one of the huge recipients of the market resurgence that is trending in the crypto market recently, climbing 2.81% in 24 hours to $0.000009766. The market capitalization and volume of trading likewise recount a correspondingly bullish story with 2.8% and 44.27% surges to $5,754,891,906 and $199,615,951.
The Shiba Inu resurgence story is portrayed by massive versatility. The token had remained discouraged for certain weeks as the $0.00001 price level served as a significant resistance point it couldn’t penetrate. While it is trading beneath this level, market expert SHIB KNIGHT is hopeful a breakout is unavoidable.
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Shiba Inu’s Next Leg up
As per SHIB KNIGHT, Shiba Inu has broken its downtrend on the week-by-week chart. The expert identified the $0.00000953 price level as the support to watch, stating that the market is looking “good” with SHIB getting ready for its next leg up.
SHIB KNIGHT pointed out 4 significant price focuses to look at as the SHIB recovery proceeds. The primary target is $0.00001011. Then he believes that the next critical levels are $0.00001193, and $0.00001309. Significantly, he stated that the token could take off as high as $0.00001492.
$SHIB 1WEEK Chart
Shiba Inu breaks downtrend on weekly chart & it's on 953 support now. Market is good, next leg is loading.
🔺️Targets: 1011, 1193, 1309, 1492
🔺️Supports: 953, 896, 880 pic.twitter.com/clHxBWh5Wk— $SHIB KNIGHT (@army_shiba) February 14, 2024
While the expert timeline remained undisclosed, he gauged his view by distinguishing three key support levels that investors need to look out for. These levels are $0.00000953, $0.00000896, and $0.00000880.
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Removing Fore Zeroes Instead Of One
Shiba Inu last traded at $0.00001 toward the beginning of January this year. However this price level denotes its short-term target, and the community has more grand assumptions for the token.
Shiba Inu enthusiasts are focusing on breaking more than one zero, removing up to four zeroes will not be a bad alternative, attempting to raise up to hitting the 1 cent goal in the long haul, an objective it desires to accomplish by drawing on its token burn crusade. With this objective, retesting $0.00001 may be a beginning phase for the token.
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