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Shiba Inu Trader That Made $120M Resumes Buying More SHIB

Watcher.Guru
Watcher.Guru
June 5, 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.

A Shiba Inu trader who previously made over $120 million trading SHIB has begun buying more of the asset again. According to on-chain data from blockchain tracking firm Lookonchain, “a SHIB super big winner” recently spent 4,849 Ethereum, worth $18.44 million at the time of the transaction, to buy 715.9 billion SHIB.

Shiba Inu has had a bullish past 30 days, seeing the asset climb a modest 7% in the past month. Price predictions around the asset are bullish as well, likely inspiring the SHIB whale to resume their buying spree of the asset that previously made them rich. There are many stories of “Shiba Inu millionaires” who earned huge profits by investing in cryptocurrency early. However, not many times are there stories of those investors coming back for more after their first cash-out. This whale, in particular, hopes to capitalize on bullish momentum around the asset to multiply their profits this summer.

Source: WatcherGuru

SHIB faced a significant price correction last week but is slowly recovering. Many analysts anticipate the popular dog-themed crypto to continue on a bullish trajectory over the next few weeks. SHIB is currently down by nearly 70% from its all-time high of $0.00008616, which it attained in October 2021.

Also Read: Top 3 Meme Coins Other Than Shiba Inu To Buy For 10X Gains In 2024

According to some analysts, though, Shiba Inu is set for a very bullish summer. With the $0.0001 target in sight, Shiba Inu bulls are gearing up for a potentially explosive rally that could propel the asset to new all-time highs. If Shiba Inu manages to reach the $0.0001 target, it will set a new record for the meme coin. The meme coin would then surpass its current all-time high (ATH) of $0.00008845.

At press time, SHIB is trading at $0.00002582, up 5% in 24 hours.

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