Crypto expert Kamaz has shared an optimistic outlook for Shiba Inu‘s price movement, forecasting that it may surpass the $0.00003 mark once more. In his recent assessment, Kamaz outlined three possible bullish price levels for SHIB in a long-term investment perspective. Notably, this bullish projection emerges during market instability and as Shiba Inu demonstrates bullish trends on its on-chain data.
Analyst Drops Bullish Trading Strategy
Kamaz examined the price movement of SHIB using a 4-hour chart, as shown on social media. At the moment of his analysis, SHIB was priced at $0.00002883. The latest candle formation indicated that bulls were making efforts to reverse the bearish trend, which had persisted for 24 hours straight.
An analyst suggested buying and holding a long position in Shiba Inu by April 12, as there are three potential profit points identified. The first target is slightly above $0.0003, aligning with the previous day’s (March 31) candle’s lowest point. If Shiba Inu manages to surpass the resistance level at $0.00003, then the next target will be close to $0.0000315 – a level that corresponds to the March 21 high of $0.000031336.
The final predicted SHIB price by Kamaz is $0.000032930, which was its highest point on March 28 and marks a 14% jump from the current price. This relatively small profit gain makes it noteworthy that Kamaz’s perspective on SHIB‘s price trend is short-term. However, during the ongoing bull market, SHIB surpassed this target and peaked at $0.000044 on March 5. Nevertheless, the crypto has subsequently dropped approximately 20% from this peak.
Due to their unpredictability, Kamaz cautiously set a stop loss at $0.00002810 for cryptocurrencies to prevent any potential losses from sudden price drops.
Current Shiba Inu Outlook
Based on Kamaz’s explanation, his reasoning encompassed several factors. These included Shib turning from a resistance level into a support, the presence of a bullish order block within a one-day timeframe, and a discounted price point, among other considerations.
The trends in on-chain data suggest that SHIB may experience a bullish turnaround soon. Key indicators are the growing hoarding of SHIB by big investors (whales) and an explosive rise in the number of SHIB tokens being burned. Additionally, positive developments from the Shiba Inu team boost optimism for the cryptocurrency’s future. For instance, the latest announcement about Shiba Eternity, the collectible card game created by Shiba Inu, has generated excitement among its community.
Based on the analysis of cryptocurrency expert Armando Patonja, SHIB is about to burst out of a triangular pattern, potentially reaching a price of $0.000048 for the second time in 2021. After surpassing $0.000048, the next goal for Shiba Inu could be $0.0006, representing an increase of more than 100% compared to its current value.
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2024-04-11 07:56