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
Kamaz’s 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 Kamaz’s next target just below $0.0000315, which also coincides with the March 21 high of $0.000031336.
Kamaz’s final SHIB target is at $0.000032930, the crypto’s 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 Kamaz’s 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 Kamaz’s 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 Inu’s 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 today’s price.
SHIB price at $0.000027 | Source: SHIBUSDT on Tradingview.com
Featured image from Techpoint Africa, chart from Tradingview.com
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