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With Shiba Inu (SHIB) recently erasing one zero from its price, a top market analyst has uncovered the key target and support levels to watch out for going forward.
Shiba Inu price erased one zero to trade at a 24-hour high of $0.00001462. Though the token had shown signs of an imminent rally for weeks, the current market momentum pushed its price to the highest level in more than 52 weeks.
Judging by the current outlook, market analyst SHIB KNIGHT affirmed that Shiba Inu has surpassed all of his previous targets. To showcase the confidence in the current uptrend, SHIB KNIGHT dropped new targets and support levels to watch.
Shiba Inu to $0.00001668?
Per an accompanying price chart, the 3 targets and support levels unveiled are relatively bullish, as none of the latter targets shows a slump below the $0.00001 level.
According to $SHIB KNIGHT, the current momentum might push Shiba Inu to $0.00001466, a price point that will slightly outpace the 52-week high. On a more promising basis, the analyst foresees SHIB soaring to $0.00001545, a level that is about 9.886% from the current level.
SHIB KNIGHT is also optimistic Shiba Inu could rally as high as $0.00001668 and even beyond, per earlier projections. Though the potential timeline to achieve this feat was not highlighted, the projections have set the community on edge with pent-up anticipation of what to watch out for.
$SHIB hits all the targets at previous analysis. So let's check new targets & supports👇
Targets: 1466, 1545, 1668
Supports: 1343, 1306, 1258 pic.twitter.com/4CajJkXkZc— $SHIB KNIGHT (@army_shiba) February 29, 2024
Cautionary SHIB Note
Amid the bullish targets, SHIB KNIGHT left room for unforeseen circumstances that might trigger a reversal in Shiba Inu’s uptrend.
At the time of writing, Shiba Inu has maintained a 24-hour growth of 13.06%, taking its price and market cap to $0.00001409 and $8,285,705,642 respectively. Exactly $2,271,151,442 SHIB has been traded within the same time span.
There are no guarantees that the market would not record a correction. Riding on this, SHIB KNIGHT pegged the first support level at $0.00001343 with a subsequent target of $0.00001306 if the selloffs persist.
To cap his bullish disposition, the analyst believes the support zone at $0.00001258 is a formidable one for SHIB, a point at which another trend reversal might be recorded.