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Shiba Inu (SHIB) Gains Access to 1,200 Merchants in 25 Countries

Paigambar Mohan Raj
Paigambar Mohan Raj
February 25, 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.

CoinPayments has announced the integration of Apcopay into its platform, allowing users to pay using cryptocurrencies for goods and services. Shiba Inu (SHIB) is one of the cryptocurrencies that clients can use for their payments. The platform has over 1,200 merchants in 25 countries. The development could lead to a surge in SHIB’s adoption.

Also Read: Shiba Inu: New Whale Emerges With $3 Million SHIB Purchase

Shiba Inu (SHIB) is one of the most popular cryptocurrencies in the market. In just over three years since its launch, SHIB has witnessed a significant rise in adoption. The latest integration of Apcopay into CoinPayments may further push the asset’s boundaries.

Will Shiba Inu (SHIB) begin a rally?

Shiba Inu
Source – Token Metrics

Although SHIB clients gaining access to 1200 merchants is a positive development, the asset’s price has struggled to gain momentum. SHIB is currently down by 2.2% in the daily charts, 4.3% in the weekly charts, and more than 29% since February 2023.

Source: CoinGecko

According to CoinCodex, Shiba Inu (SHIB) could rise to $0.00001003 on Feb. 26, 2024. However, the platform does not anticipate prices to hold. SHIB may quickly regain the zero it deletes.

Also Read: Shiba Inu (SHIB) Could Hit $0.000712, $0.00769, $0.025: Here is When

Source: CoinCodex

Changelly also anticipates a similar performance from Shiba Inu (SHIB). According to the platform, SHIB may delete a zero over the weekend, but prices may not hold. Changelly predicts SHIB to regain a zero next week.

One of the most significant barriers to SHIB’s price is its massive supply. If the team can reduce the number of tokens in circulation, the asset may see a surge in price. The SHIB team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. However, the team has not disclosed when the new burn mechanism will launch.

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