Crypto analyst Kamaz recently said, Bullish trajectory analysis About the Shiba Inu, which is on its way to surpassing $0.00003 again. In his latest update, Kamaz pointed to three bullish price targets for SHIB in which he is in a long position, after noting the potential for a market rally. Interestingly, this bullish prediction comes amid growing market uncertainty and Shiba Inu recording a bullish reversal in on-chain indicators.
Analyst withdraws bullish trading strategy
Kamaz's analysis This is based on the 4-hour chart time frame he shared on social media. At the time of analysis, SHIB is trading at $0.00002883 and the recent candlestick formation indicates that the bulls are trying to reverse the bearish candlestick formation that has already lasted 24 hours at this point. Masu.
The analyst recommended opening a long position for the third consecutive target to be realized by April 12th. The earliest target is just above $0.0003. Notably, this target coincides with the low of the last candlestick formation on March 31st. If Shiba Inu can break through the $0.00003 resistance level and hold steady above it, Kamaz's next target will be just below $0.0000315, which also coincides with the March 21st high. $0.000031336.
Kamaz’s final SHIB target is $0.000032930, which is the cryptocurrency’s highest price on March 28th and represents a 14% upside from current price levels. With this small profit potential to achieve the end goal, it is interesting to note that Kamaz's forecast is a short-term price outlook. In fact, SHIB has broken through these price targets during the current bull cycle, reaching a high of $0.000044 However, the cryptocurrency has since corrected more than 20% from this peak.
Since cryptocurrencies are volatile, Kamaz's analysis firmly set the stop loss at $0.00002810 to avoid getting caught in a reversal.
Current outlook for Shiba Inu
Kamaz said his analysis was based on a variety of reasons, ranging from SHIB turning from resistance to support, within a one-day bullish order block, within a discount, and more.
On-chain indicators are also pointing to a bullish reversal for SHIB in the near future.These metrics include: increased accumulation This is due to a sharp increase in whale and SHIB burns. basic And constant updates from the Shiba Inu team also indicate a bullish outlook for cryptocurrencies. One of his is recent updates Shiba Inu collection card game “Shiba Eternity”.
According to crypto analyst Armando Patonja, SHIB is in crisis. break out The triangle formation could cause the price to soar to $0.000048 for the second time this year. If Shiba Inu breaks through his $0.000048, the next target will be his $0.0006, which would put him over 100% higher than today's price.
SHIB price at $0.000027 | Source: SHIBUSDT on Tradingview.com
Featured images from Techpoint Africa, charts from Tradingview.com
