Crypto Analyst Forecasts Bullish Path for Shiba Inu as On-Chain Metrics Show Strength

April 11, 2024

The cryptocurrency market is alive with anticipation as respected crypto analyst Kamaz has unveiled a promising trajectory analysis for Shiba Inu (SHIB).

Kamaz’s forecast posted on X (formerly Twitter) Tuesday predicts the token’s potential to exceed the $0.00003 threshold once more, offering a fresh wave of optimism for SHIB enthusiasts amid the broader market volatility.

Bullish Price Targets

In his latest insights, Kamaz outlined three bullish price targets for SHIB based on a potential market upswing. The analysis, centered on a 4-hour chart timeframe, highlights the recent bullish reversal in SHIB’s on-chain metrics, signaling a shift away from the 24-hour bearish trend.

Kamaz’s strategy encourages a long position, projecting three targets set to manifest by Friday. The initial target is just above the $0.0003 level, aligning with the low of the last candle formation on March 31. Should SHIB break and hold above the $0.00003 resistance, Kamaz’s next target is just under $0.0000315, close to the March 21 high of $0.000031336.

The analyst’s final target for SHIB is set at $0.000032930, which was the token’s peak on March 28.

Market Outlook and Strategy

Kamaz’s analysis is comprehensive and includes various factors supporting SHIB’s bullish outlook, such as its reversal of resistance to support its presence in a bullish 1-day order block, and its position inside a discount zone. The analyst also advises setting a firm stop loss at $0.00002810 to mitigate the risk of sudden market reversals.

On-chain metrics further corroborate the potential bullish trend for SHIB, including increased whale accumulation and a significant increase in SHIB burns. Additionally, updates from the Shiba Inu development team, such as improvements to Shiba Eternity, a collectible card game, bolster confidence in SHIB’s future performance.

While Kamaz’s analysis paints an optimistic picture for Shiba Inu, investors are encouraged to exercise caution and conduct their own research, considering the inherent volatility of the cryptocurrency market.

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