💥 Here Are Key Shiba Inu Levels to Watch After Drop to $0.00001853
Amid the ongoing Shiba Inu market turbulence, crypto analytical account Rose Premium Signals identifies several key levels to watch.
After a strong showing in November 2024 and early December 2024, leading doggy-themed memecoin Shiba Inu (SHIB) has significantly slowed its roll amid a market-wide correction sparked by statements from the Federal Reserve.
As the market uncertainty prevails, one analyst has offered insight on key levels the community should watch.
🔸 Key Shiba Inu evels
At the time of writing, Shiba Inu is trading at $0.00002238, up 20% from lows of $0.00001853 on Friday. Still, the asset remains down 17% in the past seven days and about 50% from its local highs of $0.00003343.
In an X post on Monday, December 23, Rose Premium Signals highlighted that the meme coin’s price has been forming a possible ascending channel on its daily candle chart since late September 2024.
According to the analysis, key support is currently within the $0.00001939 and $0.00002139 price range, which aligns with the 0.618 and 0.786 Fibonacci retracement levels.
The Rose Premium signal suggested that a good bounce could see Shiba Inu surge to targets of $0.00002715, $0.00003083, and eventually $0.00003511, representing a 21%, 38%, and 57% surge, respectively, from current prices. Still, the analysis warns of resistance at the $0.00003083 and $0.00003511 targets.
🔸 Analysts Remain Optimistic
The recent Rose Premium signal is one in a sea of positive outlooks for SHIB, suggesting that analysts remain optimistic despite the recent market correction. For instance, “Dollars Maker” recently contended that SHIB was poised for a potential 235% surge to the $0.00005816 price point.
These optimistic price views align with exciting developments in the SHIB community. Most recently, the Shiba Inu ecosystem has inked a partnership with Chainlink, making the token accessible across 12 blockchains and introducing a new burn mechanism to further reduce the supply.