- The Shiba Inu cryptocurrency has recently experienced a downturn, dropping below the $0.000017 support level.
- Despite this decline, the reduced price point may offer a lucrative entry for prospective investors anticipating a market rebound.
- Crypto analyst SHIB Knight has pinpointed a critical buy zone, remarking on the significance of this current price level.
Shiba Inu price plummets, creating potential bargain for investors as market looks for recovery.
Analyst Identifies Critical Buy Zone for Shiba Inu
Crypto analyst SHIB Knight has identified the current price decline of Shiba Inu as a potential buy zone for investors. SHIB Knight’s analysis, shared on the social media platform X (formerly known as Twitter), highlights several key price levels that are important for the meme coin’s future performance.
According to his analysis, the significant price points to watch are $0.00002392, $0.00002105, and $0.00001837. However, it is the dip below $0.000018 that stands out as a potential buying opportunity.
Using the weekly chart for his analysis, SHIB Knight suggests that the area around $0.00001760 and $0.00001766 will be crucial for a bullish reversal. The bulls must defend these levels to trigger an upward trend. The analysis indicates that if these levels hold, the price could start a recovery phase. As SHIB Knight put it, “$SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend.”
AI Predicts Shiba Inu Price Surge to $0.00003825
Adding another layer to the Shiba Inu price prediction, the AI algorithms at CoinCodex have forecasted an imminent price surge. CoinCodex’s AI suggests that Shiba Inu could potentially double its value in the coming days, reaching as high as $0.00003825. This would mark a significant 121% increase from the current levels.
Although this bullish prediction is set for the near term, the AI’s long-term outlook isn’t as optimistic. For the next month, specifically in July, the AI forecasts a decline in the Shiba Inu price, expecting it could drop to $0.00001638, a 4.98% decrease from the present levels.
Currently, the Shiba Inu token is under bearish pressure, witnessing a 1.9% drop in the past 24 hours and a 7.54% decline over the past week, trading at approximately $0.00001715 at the time of writing.
Conclusion
The recent dip in Shiba Inu’s price has ushered the token into a critical buy zone, as highlighted by crypto analyst SHIB Knight. This drop presents a strategic entry point for investors looking to capitalize on a potential recovery. While short-term predictions, backed by AI, show a promising uptrend, long-term forecasts remain uncertain. Investors should keep a close eye on the aforementioned critical levels and prepare for potential price fluctuations in the coming weeks.
