Gushiken Yona
Bullish sentiment is building around Shiba Inu (SHIB) as the cryptocurrency finds support at a key price level, fueling hopes of a renewed rally. A crypto analyst suggests that SHIB is attracting buyers, setting the stage for potential price “pumps” in the near future, as the broader market conditions also appear favorable.
Shiba Inu Price Action and Potential for Growth
Shib Knight (@army_shiba on X) suggested that SHIB is accumulating near a key support level, indicating that bullish momentum may be building. The analyst anticipates further price increases in the near future, citing favorable market conditions and identifying specific price targets.
Shib Knight’s analysis centered on SHIB’s price action on the two-hour chart. He observed that the cryptocurrency found support around the 0.00001386 level, a price point that has historically acted as a strong base for SHIB. This accumulation near support suggests that buyers are stepping in and preventing further declines.
Moreover, Knight pointed out that the broader cryptocurrency market is currently in a positive state, which could create a favorable environment for SHIB to rally. He did not elaborate on the specific market factors contributing to this positive sentiment, but it’s likely influenced by a combination of Bitcoin’s recent price stability and renewed investor interest in altcoins.
Based on these observations, Knight predicted that SHIB could experience “more pumps” in the coming days or weeks. He identified several potential price targets for SHIB, including, 0.00001411, 0.00001421 and 0.00001437.
These targets represent potential resistance levels where SHIB might encounter selling pressure. However, if the bullish momentum continues, the cryptocurrency could break through these levels and move higher.
$SHIB is accumulating on 1386 support zone at 2Hours Charts.
— $SHIB KNIGHT (@army_shiba) September 14, 2024
Market is good, I expect some more pumps.
Targets and supports are below👇 pic.twitter.com/xFjclR08Zx
Shiba Inu Support Levels and Potential Risks
In addition to identifying potential price targets, Knight also highlighted key support levels for SHIB. These levels, if breached, could signal a shift in momentum and potentially lead to further price declines. The key support levels mentioned include: 0.00001386 (current support zone), 0.00001373 and 0.00001360.
It’s important to note that cryptocurrency markets are inherently volatile, and predictions, even from experienced analysts, are not guaranteed to come true. Therefore, investors should exercise caution and conduct their own research before making any trading decisions based solely on this analysis.
Dark Knight’s analysis suggests that Shiba Inu may be poised for further price increases in the near future. The cryptocurrency’s accumulation near a key support level and the positive state of the broader crypto market provide a foundation for bullish momentum to build. However, investors should remain aware of the potential risks and monitor SHIB’s price action closely as it approaches the identified resistance and support levels.
As of 11:45 AM ET on Saturday, Shiba Inu was trading at $0.000014, down 1.41% in the past 24 hours. Despite the short-term dip, SHIB has seen a 5.53% increase over the past week and a 0.28% rise in the last 30 days.
With a live market cap of $8.1 billion, Shiba Inu currently holds the 13th position on CoinMarketCap. The coin’s circulating supply remains at a massive 589 trillion SHIB as per data from CoinMarketCap.
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Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
