The second-largest decentralized memecoin Shiba Inu (SHIB) retested a key support level —$0.00002380— on Thursday, evoking bullish speculations from several crypto analysts and community members.
Among those expecting SHIB price to regain momentum ahead of the fourth bitcoin halving is the pseudonymous TA expert, SHIB Knight. Recall that the cryptoasset skyrocketed to $0.00004567 on March 5 amid a market-wide rally. However, SHIB has dumped over 20% since then, hitting new lows of $0.0000238 as BTC encountered rejection above $73,000.
Analyzing Shiba Inu price on a weekly timeframe, the analyst highlighted that SHIB bounced on $0.0000238 twice in the last two weeks, making the price level a critical support zone. The double bounce further implies that investors are heavily buying SHIB at the $0.00002380 level. “This is good for the long term, as it helps to build a solid support,” Knight remarked.
Analyst says SHIB double bounce at $0.000023 points to new highs
With $0.0000238 confirmed as the main support area for SHIB, Knight projected the 11th-largest cryptocurrency by market cap to hit new highs in the intensifying bull market cycle. Recall that MakerDAO founder Rune Christensen accumulated billions of Shiba Inu tokens around this price level.
However, the technical analysis expert expects more accumulation to occur within the $0.0000238 and $0.00003281 price range. At the end of the accumulation, Knight believes the canine-themed token can surpass $0.00003281, a once-tested key resistance level.
While it rose as high as $0.00008845 per token in the last market cycle, it remains to be seen whether the leading memecoin would reach new highs in the latest bull market. Trading for $0.00002784 at press time, Shiba Inu is up over 191% in the past 30 days and down about 3.5% in the past week.
