SHIB Knight, a respected analyst, anticipates Shiba Inu to achieve a new high for the year, reaching $0.00006 following a 17% increase over three days, which broke a significant resistance level.
Currently, Shiba Inu is showing signs of recovery after trading within a range for several weeks below crucial price levels. The recent upward movement has enabled SHIB to test the $0.000029 mark today, marking its first approach to this level in almost two months.
Shiba Inu’s Recent Price Surge and Analyst Predictions
Shiba Inu (SHIB) has recently experienced a notable three-day winning streak, surging by 17.56%. This marks the largest gain for SHIB over such a period since late February, when it achieved a remarkable 370% increase, reaching its yearly high of $0.000045.
SHIB Knight, a prominent analyst closely monitoring SHIB’s movements, believes that this current uptrend could lead to similar substantial gains. According to recent analysis, the ongoing rally has successfully broken above a resistance trendline that had constrained SHIB’s price for over two months.
Source: X
The resistance trendline formed after SHIB’s decline from its peak of $0.00004567 on March 5. Each attempt to surpass this trendline faced strong opposition from bearish traders, resulting in lower highs and sustained pressure on SHIB’s price action.
Market data indicates that the breakout occurred on May 15, when Shiba Inu recorded a significant 9.88% gain in a single day, surpassing the $0.000025 threshold. However, SHIB encountered resistance at this level, with concerns that increased selling pressure could push its price back below the resistance trendline.
Shiba Inu’s Potential Path to $0.00006 and Current Market Dynamics
Shiba Inu (SHIB) has recently surged by 17% over three days, propelling it confidently above key resistance levels and signaling a potential upcoming price increase. Analyst SHIB Knight predicts that this upward momentum could push Shiba Inu to achieve a new yearly high of $0.00006. The last time SHIB reached this level was in November 2021.
To reach $0.00006, Shiba Inu would need a 152% increase from its trading value of $0.00002375 on May 24. However, with SHIB reclaiming the $0.000028 territory, the required gains have reduced significantly. Currently priced at $0.00002876, SHIB would need a 108% rise to reach $0.00006, considerably lower than the 370% surge it experienced from late February to early March.
Shiba-Inu-Daily-RSI
Despite the recent spike, SHIB’s daily Relative Strength Index (RSI) sits at 65.97, indicating that there is still ample room for further price growth, as it remains below the overbought threshold of 70.
Shiba-Inu-Exchange-Netflow. Source: CryptoQuant
Shiba Inu also witnessed a substantial transaction volume of 5.3 trillion SHIB recently. Data from CryptoQuant reveals that over 1 trillion tokens were involved in exchange netflow yesterday. While this could potentially increase selling pressure, it mirrors a similar pattern observed in late February, just before SHIB surged to its previous high of $0.000045.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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