Shiba Inu: Market Pundit Identifies Perfect Price to Procure SHIB for 16% Returns

Amid the Shiba Inu downtrend, market trader MBM Crypto has identified what he believes is a perfect level to procure SHIB for short-term 16% returns.

Shiba Inu has been subjected to the upswings and slumps of the broader crypto market, leading to a sustained downtrend. A short-term recovery push triggered by the crypto market saw SHIB rise 4.72% in two days. However, the ensuing retracement has triggered another price decline.

As a result, SHIB closed yesterday with a discouraging 4.38% drop, erasing the gains picked up earlier this week. This correction has battered Shiba Inu below the $0.000028 territory as it hovers at $0.00002754, looking to breach above the resistance at the 50-day EMA ($0.00002797).

Shiba Inu Entry Price

Despite the prevailing investor angst, market analysts see the current downtrend as an opportunity to amass Shiba Inu at discounted prices. It bears mentioning that this sentiment was prevalent late last year when SHIB battled the $0.000008 and $0.000009 territories.

Having pushed beyond these regions to the $0.00002 zone, pundits remain confident of another upward trend. Analyst MBM Crypto expressed his optimism in a TradingView analysis, noting that SHIB now trades within a symmetrical triangle.

This symmetrical triangle, previously identified by multiple market watchers, formed when Shiba Inu dropped from the 27-month high of $0.000045 on March 5. At the time of MBM Crypto’s analysis, SHIB continued to trade within the symmetrical triangle on the 4-hour timeframe.

According to the analyst, once Shiba Inu breaks out, it could be poised for a significant move up. He identified the $0.00002860 price as the pivotal resistance level to breach for this breakout. As a result, he pinpointed that this price is the perfect price to procure SHIB.

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Potential SHIB Targets

MBM Crypto set his first take-profit target at $0.00002970, with the second target placed at $0.00003150. However, the ultimate price target for this short-term play was set at March 14 high of $0.000033. Should Shiba Inu hit this third target, traders who jumped on the play would see 16% returns.

Notably, Shiba Inu eventually breached the upper trendline of the symmetrical triangle, as projected by MBM Crypto. SHIB broke above the trendline when it rallied to a high of $0.00002954 on Monday during the market recovery. However, Shiba Inu has struggled to maintain the breakout due to the ongoing market correction.

Despite the bearish turn of events, SHIB remains in a favorable position, as it looks to retest the trendline for a bigger push toward the $0.00003 territory. Nonetheless, Shiba Inu would need strength from the broader market, dependent on Bitcoin’s (BTC) price direction.

At its current position, Shiba Inu’s RSI sits at 49.60, suggesting the potential for significant growth. Crypto analyst Emily recently positioned SHIB as one asset that could surge 1,000% in the long run. Moreover, SHIB’s technical indicators suggest a potential push to $0.00001.

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• Source: https://thecryptobasic.com/2024/04/10/shiba-inu-market-pundit-identifies-perfect-price-to-procure-shib-for-16-returns/?utm_source=rss&utm_medium=rss&utm_campaign=shiba-inu-market-pundit-identifies-perfect-price-to-procure-shib-for-16-returns