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A pseudonymous market analyst recently provided a detailed analysis of Shiba Inu price trajectory for 2024, identifying a distribution price of $0.00008488.
In a detailed post on market platform TradingView, the analyst stressed that the objective of his analysis is to assist small investors by providing them with an understanding of SHIB’s accurate pricing structure and insights into the actual market dynamics.
The analysis comes up at a time when Shiba Inu is witnessing a downtrend with the rest of the market, having relinquished multiple support levels to the bears. While market sentiment has turned bearish as SHIB drops to $0.00002648, some analysts expect a recovery soon.
Shiba Inu Price Targets for 2024
The latest analysis lists a series of projected prices for Shiba Inu at various points in 2024. These prices are provided as potential targets or levels that SHIB could reach. The list starts with lower prices and gradually increases, indicating a bullish outlook on Shiba Inu price.
At the lowest point is the $0.00005049 price, representing a 90% increase from Shiba Inu’s current price. The list progresses to $0.00005126 before pushing toward $0.00005393. Notably, the next price level, $0.00005486, represents the last value at the $0.00005 territory.
The market watcher’s price list then projects a Shiba Inu move to $0.00006291 once it conquers $0.00005. A breach of this level could then take SHIB to a $0.00006735 price before it eventually reclaims $0.00007578. For context, hitting this level would mark a 186% rise in Shiba Inu’s current price.
Interestingly, the list looks further up despite the ambitious nature of the lower targets, setting up price targets at $0.00007711 and $0.00007855. The final price mentioned is a distribution price of $0.00008488, which is just 4% below Shiba Inu’s all-time high of $0.00008845.
Failed Retest Sparks Concerns
However, the analyst also highlighted potential areas of concern or “leaks” in the price movement. He pointed out that during last December, there was a manipulation or anomaly in the data that could potentially affect the price, suggesting a level of $0.00001249 to watch out for.
He noted that while a support level was found in December 2023, the correct move in January this year should have been to return to that level and complete a retest. However, he observed that this did not happen, indicating a possible trap for a repeat cycle. He advises monitoring the area for a drop to $0.00001045.
Shiba Inu Price Remains Bullish Long-Term
Despite the potential pitfalls mentioned, the analyst remains optimistic about Shiba Inu’s long-term prospects. Conclusively, he stated that even if the market reaches the projected prices, he still expects a drop to the levels he identified earlier. Overall, he maintains a positive outlook for the cryptocurrency’s long-term performance.
Meanwhile, SHIB has dropped 13.21% this month to the current price of $0.00002648. Amid the downturn, another analyst Bunchhieng believes Shiba Inu is on the verge of recording a second rally similar to the one observed from late February to early March.
Data from his chart suggests that SHIB currently trades within a downtrend on the daily timeframe. A possible breakout to the upside could allow Shiba Inu engineer an impressive price run, with $0.00004567 highlighted as a major price target.