Crypto analyst SHIB Knight has identified a critical level for buying Shiba Inu, anticipating a massive pump following the ongoing accumulation phase. This insight comes as Shiba Inu struggles to maintain gains from its recent uptrend. SHIB recently surged 17% in three days, retesting the $0.00003 price territory, but faced strong resistance at the local top.
Leveraging The Correction
Shiba Inu experienced a retracement, and SHIB Knight plans to leverage this buying opportunity. At the time of his disclosure, SHIB traded at $0.00002637, firmly above the crucial $0.000025 level, aiming to defend support at $0.000026. However, the $0.000026 support has since failed, with the ongoing correction erasing previous gains.
Despite this trend shift, analysts like SHIB Knight argue that Shiba Inu is in an accumulation phase, which typically precedes a significant price surge. During this phase, investors, particularly whales and sharks, are increasing their holdings at lower prices, anticipating a price explosion. Earlier this month, The Crypto Basic reported that Shiba Inu whales purchased a staggering 4.35 trillion SHIB tokens since March.
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Last month, three new whale addresses acquired nearly 184 billion SHIB from exchanges in one sweep. Recently, whales amassed 503 billion SHIB in a single day. This rapid accumulation results from Shiba Inu’s discounted trading price. SHIB Knight believes this discount will soon vanish, leading to a massive pump.
Multiple SHIB Price Targets
While SHIB Knight did not provide specific price projections, other analysts have set ambitious targets for the next price rally. Crypto market analyst Javon Marks targets $0.0000886 for Shiba Inu, while SHIB Knight previously set a goal of $0.00006. As of now, Shiba Inu has fallen below the $0.000026 support and is trading at $0.00002560.
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Amid this correction, SHIB must stay above the 20-day EMA, hovering around the pivotal $0.000025 support at $0.00002497. A breach below this level could lead to further declines. Additionally, Shiba Inu’s relative strength index (RSI) has dropped to 52, indicating weakness but still suggesting room for growth.
The commodity channel index (CCI) at 40 further confirms this market position. Despite the current downturn, analysts remain optimistic about Shiba Inu’s future, expecting a substantial price surge once the accumulation phase ends.
