The Shiba Inu price has now entered a buy zone after a crash that sent it below the $0.000017 support. At this point, it presents a unique opportunity for investors looking to get into the cryptocurrency at a low price, especially as the market looks toward another recovery.
Analyst Identifies Buy Zone For SHIB
According to crypto analyst SHIB Knight, the Shiba Inu price has fallen into another buy zone. The crypto analyst shared this development on the X (formerly Twitter) platform, where he attached a chart that showed different major levels for the meme coin’s price.
Some of the important levels highlighted in the analysis in the $0.00002392, $0.00002105, and $0.00001837. However, the most important of these lies below the $0.000018 level, a decline that looks to have created new opportunities for investors.
As SHIB Knight explains, this means that the Shiba Inu token has now entered the buy zone, using the weekly chart as a case study. As is the norm with crypto analysis, there are levels that bulls will need to defend to trigger an uptrend, and in this case, the analyst identifies it around $0.00001760 and $0.00001766.
The crypto analyst believes that if the bulls are able to defend this level, then the price should rise from here. “$SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend,” the X post read.
AI Says Shiba Inu Is Headed To $0.00003825
SHIB Knight’s analysis comes at an interesting time for the Shiba Inu price, where speculations are that the meme coin is ready to begin another uptrend. One major proponent of the SHIB price recovery is the AI at CoinCodex, which has predicted a bullish wave for the meme coin over the next few days.
According to the website, the Shiba Inu price could be poised for over 2x growth from here, pushing it toward a new yearly all-time high. The precision, which is expected to play out over the next five days, puts the price as high as $0.00003825, which is a 121% increase in price from the current level.
However, the AI is not very bullish on the SHIB price for the long-term, especially in the month of July. While the predicting toward the end of June is bullish, the AI predicts a notable crash in price next month, expecting it to fall as low as $0.00001638, a 4.98% decline from here.
Presently, though, the Shiba Inu price continues to see pressure from bears and this has held its price down. It is seeing 1.9% losses in the past day and 7.54% losses in the past week to trade at $0.00001715 at the time of writing.
Featured image created with Dall.E, chart from Tradingview.com
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