thecryptobasic.com
Amid the ongoing Shiba Inu market turbulence, crypto analytical account Rose Premium Signals identifies several key levels to watch.
After a strong showing in November 2024 and early December 2024, leading doggy-themed memecoin Shiba Inu (SHIB) has significantly slowed its roll amid a market-wide correction sparked by statements from the Federal Reserve.
As the market uncertainty prevails, one analyst has offered insight on key levels the community should watch.
Key Shiba Inu evels
At the time of writing, Shiba Inu is trading at $0.00002238, up 20% from lows of $0.00001853 on Friday. Still, the asset remains down 17% in the past seven days and about 50% from its local highs of $0.00003343.
In an X post on Monday, December 23, Rose Premium Signals highlighted that the meme coin’s price has been forming a possible ascending channel on its daily candle chart since late September 2024.
According to the analysis, key support is currently within the $0.00001939 and $0.00002139 price range, which aligns with the 0.618 and 0.786 Fibonacci retracement levels.
The Rose Premium signal suggested that a good bounce could see Shiba Inu surge to targets of $0.00002715, $0.00003083, and eventually $0.00003511, representing a 21%, 38%, and 57% surge, respectively, from current prices. Still, the analysis warns of resistance at the $0.00003083 and $0.00003511 targets.
Analysts Remain Optimistic
The recent Rose Premium signal is one in a sea of positive outlooks for SHIB, suggesting that analysts remain optimistic despite the recent market correction. For instance, “Dollars Maker” recently contended that SHIB was poised for a potential 235% surge to the $0.00005816 price point.
These optimistic price views align with exciting developments in the SHIB community. Most recently, the Shiba Inu ecosystem has inked a partnership with Chainlink, making the token accessible across 12 blockchains and introducing a new burn mechanism to further reduce the supply.