Renowned cryptocurrency trader “Prof Noan” has provided a comprehensive guide for Shiba Inu enthusiasts on how to navigate the recovering market. Shiba Inu has managed to recover most of its losses from the recent pullbacks, with a 21.38% gain in its seven-day performance, bringing it to a trading price of $0.00002723.
This marks a significant 47% increase from SHIB’s lowest point on April 13. Despite experiencing a shocking collapse to $0.00001853 earlier, Shiba Inu now only has a 1.56% loss in its 30-day trajectory.
During this impressive comeback, crypto trader Noan took to X to share risk management strategies for Shiba Inu investors. Noan advised traders to exercise caution and trade with risk management in mind, in order to minimize potential regrets when the bears regain control.
Noan outlined four recommended profit targets for Shiba Inu investors. Firstly, for those who missed the opportunity to buy at the dip of $0.00001853, entering the market at the current price of $0.000027 is deemed favorable.
For risk-averse investors, Noan suggested an exit point for profit-taking at $0.00002818, which would result in a modest 4.37% gain from the entry price. The next recommended exit point is when Shiba Inu reaches $0.00003281, representing a 21.51% increase.
The third profit target is when SHIB approaches the $0.00004 threshold. Noan proposed exiting trades at $0.00003903, although more confident investors may wait until SHIB reaches $0.00004360 before taking profits.
At this level, Shiba Inu would have surged by 61.5%, reclaiming its yearly peak from early March. Noan acknowledged the potential for Shiba Inu to sustain this uptrend, but emphasized the importance of proper risk management.
Noan also identified bearish exit points for SHIB investors. According to the chart, if SHIB retraces to around $0.00002244, it may be wise to close the trade and monitor Shiba Inu closely.
It is important to note that while Crypto Noan is well-known in the industry, his analysis is not foolproof, and investors should exercise caution. It is crucial to conduct thorough research before making any investment decisions and not solely rely on the analysis provided.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not necessarily reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research and exercise caution when making investment decisions. The Crypto Basic is not liable for any financial losses incurred.
