THE Shiba Inu price has now entered a buy zone after a crash that sent it below the $0.000017 support. At this point, this represents a unique opportunity for investors looking to get in on the cryptocurrency at a low price, especially as the market eyes a further rally.
Analyst identifies buy zone for SHIB
According to crypto analyst SHIB Knight, the price of the Shiba Inu has fallen into another buy zone. Crypto analyst sharing this development on the X platform (formerly Twitter), where he attached a chart showing different major levels for the price of the meme coin.
Some of the important levels highlighted in the analysis are the $0.00002392, $0.00002105, and $0.00001837. However, the largest of these is below the $0.000018 level, a decline that appears to have created new opportunities for investors.
As SHIB Knight explains, this means that the Shiba Inu token has now entered the buy zone, using the weekly chart as a case study. As is the norm with crypto analysis, there are levels that bulls will need to defend to trigger an uptrend, and in this case, the analyst identifies it around $0.00001760 and $0.00001766.
The crypto analyst believes that if the bulls are able to defend this level, then the price is likely to rise from there. “$SHIB is in the buy zone on the weekly chart. Bulls are likely to defend this zone for an uptrend,” reads X’s post.
AI Says Shiba Inu Heading Toward $0.00003825
SHIB Knight’s analysis comes at an interesting time for the price of Shiba Inuwhere speculation is that the meme coin is poised to begin another bullish trend. A major proponent of the recovery of SHIB prices is the AI of CoinCodex, which has predicted a bullish wave for the meme coin over the next few days.
According to the website, the price of Shiba Inu could be poised for more than 2x growth from here, pushing it towards a new yearly high. The accuracy, which is expected to play out over the next five days, puts the price as high as $0.00003825, representing a 121% price increase from the current level.
However, the AI is not very optimistic about the price of SHIB in the long term, especially in the month of July. While the forecast for the end of June is bullish, the AI predicts a notable drop in price next month, expecting it to drop as low as $0.00001638, a 4.98% drop from here.
Currently, however, the price of the Shiba Inu continues to experience pressure from bears and this kept its price low. It recorded losses of 1.9% over the past day and 7.54% over the past week to trade at $0.00001715 at the time of writing.
Featured image created with Dall.E, chart from Tradingview.com
