Daily Shiba Inu Close Above this Level Could Lead to $0.000075: Top Analyst

Pseudonymous market analyst Mehrhpm believes Shiba Inu could record a massive price surge toward the $0.000075 level if it can record a daily close above $0.000026.

The chartist disclosed this in a recent analysis on TradingView, stressing that this commentary represents his personal opinion on Shiba Inu’s price prospects. This latest report comes at a time when SHIB is facing mounting pressure from the bears due to a broader market collapse.

Since reaching a high of $0.00002633 on June 5, Shiba Inu has been witnessing price declines. This is partly due to a downtrend in the larger crypto market and a drop in accumulation among key holders. At the current price below $0.000022, SHIB is down by more than 17% from the $0.00002633 high.

Shiba Inu Must Close Above $0.000026

The ongoing turbulence has put investors on edge, but most market analysts remain unfazed. One such analyst is Mehrhpm, who personally sees an imminent recovery. To him, the $0.000026 price level is pivotal for this recovery push. The last time Shiba Inu saw this price zone was on June 6, as it dropped from the June 5 high of $0.00002633.

Interestingly, SHIB does not only need to reclaim $0.000026, but must also secure a daily close above the crucial price territory. In his opinion, Mehrhpm sees Shiba Inu recording a 3x to 4x price increase after such a bullish close, potentially pushing its value to a new yearly peak at $0.000075 or higher ground.

Shiba Inu Daily Chart | Mehrhpm

Meanwhile, another TradingView analyst, Bithereum, recently noted that SHIB currently sits at a major support zone around the $0.000021 level. He stressed that a rebound from this level is highly probable. Nonetheless, Bithereum did not rule out the possibility of a steeper decline, which could lead to a lower support at the 200-day MA ($0.00001830).

However, should Shiba Inu defend the $0.000021 support and eventually witness a price surge, Bithereum sets multiple targets for the uptrend, stationed at $0.00002757, $0.00003184, $0.00003712 and then the yearly high of $0.00004567. A push to this level would help Shiba Inu recover the losses incurred since March 5.

Bullish Prospects

Interestingly, Shiba Inu’s Relative Strength Index (RSI), currently sitting at 39.62, suggests that SHIB is close to undervalued regions and could be due for a price rebound once it breaks above its multi-month symmetrical triangle. Nonetheless, with the Accumulation/Distribution metric currently ranging, the market remains indecisive.

Shiba Inu Metrics

Despite this trend, it appears Shiba Inu is witnessing a dominance of market bulls, according to IntoTheBlock (ITB) data. The chart below confirms that SHIB has been seeing more buys than sells, with the former overcoming the latter by 170 billion tokens on June 12. Over the last week, Shiba Inu has seen 172 large buyers and 168 large sellers.

SHIB Bulls and Bears | IntoTheBlock

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