Renowned market analyst Mehrhpm, known for his pseudonymous identity, has a bold prediction for the potential price surge of Shiba Inu. According to Mehrhpm, if Shiba Inu manages to close above $0.000026 on a daily basis, it could soar towards the $0.000075 mark.
This insight was shared in a recent analysis on TradingView, where Mehrhpm emphasized that this analysis reflects his personal perspective on the price outlook for Shiba Inu. The timing of this report is crucial as SHIB is currently under pressure from bearish trends in the broader market.
Ever since reaching its peak of $0.00002633 on June 5, Shiba Inu has been experiencing a decline in its price. This can be attributed to the overall downturn in the cryptocurrency market and a decrease in accumulation among key stakeholders. With the current price hovering below $0.000022, SHIB has dropped by over 17% from its peak.
In order for Shiba Inu to initiate a recovery, Mehrhpm believes that it must surpass the $0.000026 level. This price point is seen as a critical threshold for triggering a potential 3x to 4x price surge, possibly propelling its value to a new yearly high of $0.000075 or beyond.
On a different note, another TradingView analyst named Bithereum pointed out that SHIB is currently at a significant support level around $0.000021. While a rebound from this level is likely, Bithereum also acknowledged the possibility of a more drastic decline leading to a lower support level at the 200-day MA of $0.00001830.
Despite the current market uncertainties, the Relative Strength Index (RSI) for Shiba Inu suggests that it is approaching undervalued territory, indicating a potential price recovery once it breaks out of its multi-month symmetrical triangle pattern. However, with the Accumulation/Distribution metric showing indecision, the market outlook remains uncertain.
In terms of market sentiment, data from IntoTheBlock (ITB) indicates a dominance of bulls in the Shiba Inu market. This is evident from the higher number of buy orders compared to sell orders, with a surplus of 170 billion tokens favoring buys on June 12. Over the past week, Shiba Inu has attracted 172 large buyers and 168 large sellers.
It is important to note that the information provided in this article is for informational purposes only and should not be construed as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic does not take responsibility for any financial losses incurred.