thecryptobasic.com
Shiba Inu (SHIB) is exhibiting a bullish consolidation in the market, with SHIB KNIGHT identifying a defined support line for the altcoin, which may benefit all traders tracking its price.
According to SHIB KNIGHT, Shiba Inu has been retesting a crucial support level at the $0.00000721 price threshold. Per the chart he shared, the token has rebounded successfully at this support level at least four times.
With the asset now trading at this same price level with a likelihood of a rebound, SHIB KNIGHT said a local bottom might have been formed. A bottom is formed on a crypto chart when its price does not drop below that particular level consistently.
Shiba Inu has not had the best of 2023 despite the massive growth in several ecosystem fundamentals. Its price has slumped as low as 13.3% year-to-date, showing that the launch of Shibarium has had little impact on its growth in the past quarter.
While the general market momentum is a huge factor in defining the SHIB growth trend, the asset has notably maintained a resilience that can guide investors in knowing when to buy in, per the insight from SHIB KNIGHT.
The prominent community figure asserted that Shiba Inu is now witnessing the end of the accumulation period. His chart projects a subsequent breakout, with a target around the $0.00003 mark.
Sustaining Bullish Fundamentals
Although Shiba Inu started as a meme coin, it has been on an evolutionary trend since its inception, with more utility now associated with it. First, the token morphed into a highly deflationary cryptocurrency through its consistent burn mechanism.
With millions of SHIB tokens taken out of circulation in recent times, the hope is that an accompanying growth in demand can fuel a price surge in the near to long term.
The stage is notably set up to bolster this demand with actual liquidity, as top trading platforms are now listing SHIB. One of the latest such listings was the addition of SHIB and BONE trading pairs by the Crypto Com exchange featuring the Paypal USD (PYUSD) stablecoin.