Notable market analyst SHIB Knight has identified the appropriate level to accumulate more Shiba Inu tokens in anticipation of a potential price spike to $0.00006765. Despite battling bearish pressure, SHIB recently surged towards $0.00002945 with the help of Bitcoin’s resurgence before facing resistance from the bears. The correction that followed led to a retest of the $0.00002145 floor price on June 7, with a subsequent recovery but facing obstacles at the $0.000024 threshold.
SHIB Knight’s analysis reveals that Shiba Inu is currently within a buy zone, suggesting that accumulating more tokens could be advantageous for market participants. However, he also warns of the possibility of steeper dips below $0.000023, with potential drops to $0.00002197 and $0.00001859 if bearish pressure intensifies. Despite this, SHIB Knight remains optimistic, noting that such low levels could present an opportunity for token accumulation.
Looking ahead, SHiba Inu has set three immediate targets once the uptrend begins. The first target is at $0.00004528, which corresponds with the resistance faced by SHIB during a previous rally. The second target is at $0.00005388, potentially representing a new yearly peak. The ultimate target set by the analyst is $0.00006765, Shiba Inu’s highest level since November 2021. Currently trading at $0.00002324, SHIB is aiming to surpass the bearish zone and has experienced increased accumulation, indicating a potential recovery.
Overall, SHiba Inu continues to navigate through bearish pressure, with SHIB Knight’s analysis pointing towards a buy zone for accumulating more tokens. The analyst’s targets suggest a potential price spike to $0.00006765 once the uptrend begins, with resistance levels and recovery opportunities along the way. Market participants may consider taking advantage of the current situation to accumulate more Shiba Inu tokens in preparation for potential price movements in the near future.
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