Crypto Analyst Drops Trading Strategy To Profit Off Shiba Inu’s Next Leg Up Above $0.00003
11 April 2024 - 7:00AM
NEWSBTC
Crypto analyst Kamaz recently dropped a bullish trajectory analysis
regarding Shiba Inu on its journey to reaching above the $0.00003
mark again. In his latest update, Kamaz noted three bullish price
targets for SHIB in a long position after noting a potential market
upswing. Interestingly, this bullish prediction comes amidst a
wider market uncertainty and with Shiba Inu registering a bullish
reversal in on-chain metrics. Analyst Drops Bullish Trading
Strategy Kamaz’s analysis is based on a 4-hour chart timeframe
which he shared on social media. At the time of analysis, SHIB was
trading at $0.00002883 and recent candle formation shows the bulls
trying to reverse the formation of bearish candles which has
already lasted for 24 hours at this point. Related Reading:
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Still Possible? The analyst recommended opening a long position,
with three consecutive targets materializing by April 12. The
earliest target is just above $0.0003. Particularly, this target
coincides with the low of the last candle formation on March 31. If
Shiba Inu can break through the $0.00003 resistance level and hold
steady above it, this puts Kamaz’s next target just below
$0.0000315, which also coincides with the March 21 high of
$0.000031336. Kamaz’s final SHIB target is at $0.000032930, the
crypto’s highest on March 28, representing a 14% increase from the
current price level. This small profit potential for reaching the
final target makes it interesting to note that Kamaz’s prediction
is of a short-term price outlook. SHIB has, in fact, gone past
these price targets in the current bull cycle to reach as high as
$0.000044 on March 5. However, the crypto has since corrected over
20% from this peak. Cryptocurrencies are volatile, so Kamaz’s
analysis came with setting a firm stop loss at $0.00002810 to avoid
getting caught in a reversal. Current Shiba Inu Outlook
According to Kamaz, his analysis was based on various reasons
ranging from SHIB turning resistance to support, inside 1-day
bullish order block, and inside discount, among others. Related
Reading: Crypto Founder Warns Of Burgeoning Bitcoin Fire Sale,
Here’s What It Means On-chain metrics are also pointing to a
bullish reversal for SHIB in the near future. These metrics include
increased accumulation from whales and a meteoric surge in SHIB
burns. Fundamentals and constant updates from the Shiba Inu team
also point to a bullish outlook for the cryptocurrency. One of
these is the recent update for Shiba Eternity, Shiba Inu’s
collectible card game. According to crypto analyst Armando
Patonja, SHIB is on the verge of breaking out of a triangular
formation, which could see it surging to the $0.000048 price for
the second time this year. Once Shiba Inu breaks $0.000048, the
next target is $0.0006, over 100% higher than today’s price. SHIB
price at $0.000027 | Source: SHIBUSDT on Tradingview.com Featured
image from Techpoint Africa, chart from Tradingview.com
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