As Shiba Inu’s resilient stand in the crypto market continues, an analysis by prominent community figure SHIB KNIGHT reveals promising indicators. With the altcoin currently resting at a repeatedly tested support level, there are signs of a significant upward trend.
Even with a challenging 2023, where Shiba Inu witnessed a slump of 13.3% year-to-date, its ability to bounce back from the crucial $0.00000721 support line indicates a bullish strength. Per the analyst’s X post, this pattern, observed at least four times in recent memory, hints at a potentially established local bottom. This bottom formation suggests a stable footing, a line the crypto refuses to dip below consistently.
$SHIB hold this support line all the time. This should be the bottom.
— $SHIB KNIGHT (@army_shiba) October 4, 2023
Chart is squeezing, accumulation coming to an end. Let's see. pic.twitter.com/q8q1ZeZo9Y
Despite robust developments in its ecosystem, such as the launch of Shibarium, Shiba Inu’s growth trajectory over the past quarter has yet to be as meteoric as some investors hoped. External market dynamics play a crucial role here. But the resilience exhibited by Shiba Inu provides a roadmap for investors, offering cues on opportune moments to buy in.
SHIB KNIGHT’s analysis revealed that Shiba Inu might be at the tail end of its accumulation period. For the uninitiated, this refers to a phase when informed investors acquire assets in anticipation of future price increments. Should this analysis hold water, the altcoin is poised for a breakout, targeting the enticing $0.00003 price point.
It’s undeniable that Shiba Inu has come a long way since its inception as a meme coin. Its transition into a deflationary cryptocurrency underpins its evolutionary journey. Regular token burns, which remove millions of SHIB from circulation, are designed to drive demand and potentially catalyze short- and long-term price upticks.
Shiba Inu’s price currently stands at $0.000007, with a 24-hour trading volume of roughly $62.7 million. Its market cap hovers around the $4.2 billion mark, earning it the #18 spot on CoinMarketCap’s rankings. A staggering 589 trillion SHIB coins are in circulation, yet there’s no clear indication of its maximum supply.
