Recent developments in the Shiba Inu (SHIB) market have brought optimism to its users.
An experienced market analyst has pointed out that a double bounce at the critical support level of $0.0000238 indicates strong demand for the token and suggests potential for high gains.The analyst, SHIB Knight, noted that Shiba Inu had retested the $0.0000238 support level twice, demonstrating its strength at that price point.
This development is seen as a positive sign for the cryptocurrency, as it suggests that many market participants consider $0.0000238 a fair value price for Shiba Inu.Despite earlier attempts to break the resistance around $0.0000328, Shiba Inu now has a better chance of recovering to new highs, as the $0.0000238 level is now confirmed as a main support.
The analyst believes that the range between $0.0000238 and $0.00003281 is an accumulation channel for Shiba Inu, and a breakout to new highs is predicted once this accumulation ends.The future of Shiba Inu is uncertain, but some experts predict that it will bounce back to new highs before the Bitcoin halving.
Others believe that Shiba Inu will surpass its previous all-time high soon, with the recent lows of $0.00002249 identified as a buying opportunity.Since the latter prediction, Shiba Inu has recovered with a 7% gain.
The cryptocurrency currently trades at $0.0000271, with its trading volume hovering around $1.77 billion, the 12th highest in the entire crypto market.
$SHIB
