Crypto Analyst Drops Trading Strategy To Profit Off Shiba Inus Next Leg Up Above $0.00003
Crypto analyst Kamaz recently dropped a bullish trajectory analysis regarding Shiba Inu on its journey to reaching above the $0.00003 mark again. In his latest update, Kamaz noted three bullish price targets for SHIB in a long position after noting a potential market upswing. Interestingly, this bullish prediction comes amidst a wider market uncertainty and with Shiba Inu registering a bullish reversal in on-chain metrics.
Analyst Drops Bullish Trading Strategy
Kamazs analysis is based on a 4-hour chart timeframe which he shared on social media. At the time of analysis, SHIB was trading at $0.00002883 and recent candle formation shows the bulls trying to reverse the formation of bearish candles which has already lasted for 24 hours at this point.
The analyst recommended opening a long position, with three consecutive targets materializing by April 12. The earliest target is just above $0.0003. Particularly, this target coincides with the low of the last candle formation on March 31. If Shiba Inu can break through the $0.00003 resistance level and hold steady above it, this puts Kamazs next target just below $0.0000315, which also coincides with the March 21 high of $0.000031336.
Kamazs final SHIB target is at $0.000032930, the cryptos highest on March 28, representing a 14% increase from the current price level. This small profit potential for reaching the final target makes it interesting to note that Kamazs prediction is of a short-term price outlook. SHIB has, in fact, gone past these price targets in the current bull cycle to reach as high as $0.000044 on March 5. However, the crypto has since corrected over 20% from this peak.
Cryptocurrencies are volatile, so Kamazs analysis came with setting a firm stop loss at $0.00002810 to avoid getting caught in a reversal.
Current Shiba Inu Outlook
According to Kamaz, his analysis was based on various reasons ranging from SHIB turning resistance to support, inside 1-day bullish order block, and inside discount, among others.
On-chain metrics are also pointing to a bullish reversal for SHIB in the near future. These metrics include increased accumulation from whales and a meteoric surge in SHIB burns. Fundamentals and constant updates from the Shiba Inu team also point to a bullish outlook for the cryptocurrency. One of these is the recent update for Shiba Eternity, Shiba Inus collectible card game.
According to crypto analyst Armando Patonja, SHIB is on the verge of breaking out of a triangular formation, which could see it surging to the $0.000048 price for the second time this year. Once Shiba Inu breaks $0.000048, the next target is $0.0006, over 100% higher than todays price.
Read more: https://www.newsbtc.com/shiba-inu/trading-strategy-shiba-inu/
Text source: NewsBTC
