Shiba Inu’s Robust Support Signals Potential for New Highs Ahead!

Shiba Inu’s price has shown resilience, rebounding twice at the $0.0000238 support level.

An analyst suggests $0.0000238 as a favorable entry point for Shiba Inu, anticipating potential for the cryptocurrency to reach new peaks.

Shibarium continues to enhance functionality and reduce transaction fees.

Shiba Inu (SHIB) has shown resilience amidst a broader cryptocurrency downturn. Observations reveal a promising trajectory for SHIB, as it bounced back twice from the $0.0000238 support level, indicating robust buyer interest.

Notable analyst SHIB Knight underscores the significance of this behavior, suggesting that many investors view the $0.0000238 mark as an opportune entry point for Shiba Inu. Despite a previous attempt to breach the resistance level at $0.0000328, SHIB encountered a retracement. Nonetheless, SHIB Knight remains optimistic about the coin’s potential to surge to new heights once the $0.0000238 support is solidified.

Let's check $SHIB Weekly Chart:It bounced on 2380 support twice, meaning people are buying at this level. This is good for long term, as it helps to build a solid support.It rejected once at 3281 and haven't touched that resistance yet.Maybe some more accumulation in 2380 -… pic.twitter.com/tqsdOQupcQ

— $SHIB KNIGHT (@army_shiba) March 21, 2024

The current trading range, spanning from $0.0000238 to $0.00003281, suggests a consolidation phase for SHIB, according to SHIB Knight. Following this period of sideways movement, there’s anticipation for SHIB to break out towards new all-time highs.

The key question looming is whether Shiba Inu can reclaim its previous peak prices, notably the 2021 all-time high of $0.00008845. Despite reaching $0.000044 in the latest rally, market observers foresee a potential recovery for SHIB, especially with the forthcoming Bitcoin halving.

Analysts speculate that SHIB might surpass its historical peak in the near future, with the recent dip to $0.00002249 viewed as a notable buying opportunity. Meanwhile, Shibarium continues Land