Crypto analyst Crypto Noan has revealed a profit-taking strategy that crypto investors can adopt when investing in Shiba Inu (SHIB), the second largest coin in terms of market capitalization. This strategy would be particularly beneficial for those who need guidance secure profits as the meme coin continues to make significant price gains.
Price Levels to Guarantee Shiba Inu Profits
In a chart shared on its X platform (formerly Twitter), Crypto Noan highlighted four price targets from which Shiba Inu investors should look to take profits. The first profit zone he highlighted was $0.000028181. The second profit zone was $0.000032816; this constitutes a moderate target for those who might not be satisfied with the returns from the initial profit target.
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Source: X
Crypto Noan further highlighted $0.000039035 and $0.000043609 as the third and fourth profit zones, respectively. These price levels are undoubtedly reserved for those with crypto investors with great patience and a high appetite for risk, given that Shiba Inu will have to achieve a price gain of more than 51% and 69% to achieve these objectives.
Interestingly, Shiba Inu has already achieved the first and second profit targets at one point. This yeargiven that the crypto token reached $0.00003592 on March 5, according to data from CoinMarketCap. This also brings some relief to those looking to make profits with this strategy, as there is a high probability that the meme coin could reach such levels again once it continues its uptrend.
Meanwhile, although Shiba Inu is not close to the third and fourth profit targets, crypto investors can still expect it to happen at some point, based on the price predictions of others crypto analysts. One of these analysts is XanroxWHO predicted that Shiba Inu will see its price increase by 300% before the end of the year. Such a price development will ultimately bring Shiba Inu above these profit zones.
Proper Risk Management for Shiba Inu Investors
Make sure good risk managementCrypto Noan provided a price level that Shiba Inu investors should consider exiting their positions in the event of significant price drops. The analyst highlighted $0.000022449 as the level at which investors should get rid of their Shiba Inu holdings and put the meme coin on their watchlist in case its price experiences a correction.
The crypto analyst noted on the chart that the $0.000027036 price level is a good buying zone for those who have not yet invested in the meme coin. For anyone looking for a lower entry point, Xanrox already noticed that 0.00002249 seems to be an excellent level to invest in the crypto token.
At the time of writing, the Shiba Inu is trading at around $0.0000257, up over 4% in the last 24 hours according to data from CoinMarketCap.
SHIB price at $0.000025 | Source: SHIBUSDT on Tradingview.com
Featured image from Times Tabloid, chart from Tradingview.com
