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Shiba Inu Breaches $0.000012; Here’s The Next Key SHIB Targets

Vignesh Karunanidhi
Vignesh Karunanidhi
March 1, 2024
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. 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.

With the second-largest meme coin, Shiba Inu, erasing a zero off of its price recently to hit 52-week highs, one prominent analyst has revealed updated targets and crucial levels to monitor going forward if the rally persists.

In the past day alone, amidst the surge, Shiba Inu has clocked 24-hour highs of $0.00001445, according to CoinGecko.

Also read: Ethereum: Your ETH Investment in Nov 2022 Would Be Worth This Much

Judging by the notable move invalidating months of resistance already, analyst SHIB Knight says SHIB has handily surpassed his previous projections for its medium-term top end.

To contextualize the renewed confidence in trend momentum, he now dropped the latest targets and supports to watch for pullbacks.

Where is SHIB headed next?

Upside projections point to $0.00001466 initially as an interim peak, which would surpass the recent surge. Building on the acceptance above, Knight’s analysis flags $0.00001545 as the next measured objective, which opens the door towards an aspirational $0.00001668 target and possibly beyond thereafter.

On the other side, for risk mitigation, however, SHIB Knight cautions against potential whipsaws, even amidst the optimism currently given to crypto’s volatile nature.

Initial pullback support resides around $0.00001343 on any correction, with subsequent relief eyed at $0.00001306 if weakness persists. But below there, only formidable support remains at $0.00001258 by his estimate, which could serve as a launchpad for the next bull run higher.

Also read: Dogecoin Surges 31%: Can DOGE Reach $1 in 2024?

Presently, SHIB trades at $0.00001274, cementing 35% weekly gains. With its market capitalization crossing $7.5 billion now, the technical outlook and buying momentum align around significantly more upside still to come as the meme coin frenzy continues spreading into 2023, according to analysts’ projections.

The second largest meme coin has dropped from a 24-hour high of $0.00001452 to a low of $1228, before climbing to its current price level.

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