Key points:
- Shiba Inu analyst asserted that SHIB has broken from its downtrend with recent gains.
- From its current position, SHIB is in for a continuous uptrend.
- Shiba Inu tanked by over 35% two days ago to as low as $0.00002942.
Prominent Shiba Inu community analyst SHIB KNIGHT has voiced confidence in the asset’s trajectory amid a recent development. In an update on X, SHIB KNIGHT disclosed that Shiba Inu has overcome the bearish forces and is poised for a continuous uptrend.
Specifically, the analyst asserted that SHIB has broken from its downtrend by engineering a long greenish candle. As a result, he proclaimed that Shiba Inu is “only up from here.”
Notably, Shiba Inu has registered over a 10% gain within the last 24 hours, reaching a high of $0.00003489. Two days ago, the asset encountered significant bearish volatility that temporarily invalidated the bullish frenzy around SHIB.
In particular, Shiba Inu tanked by more than 35% from its recent height of $0.00004534 to as low as $0.00002942. This significant decline emerged when Bitcoin briefly set a new all-time high above $69K and abruptly declined to $59K within hours. The move upset the broader crypto market, with assets like Shiba Inu bearing a substantial impact.
However, Shiba Inu has notably recovered, trading at $0.00003359 at press time. While analyst SHIB KNIGHT failed to issue a specific target to look out for, he believes the asset could be on a path to an all-time high soon. He expressed this sentiment amid the heightened popularity SHIB has garnered in the past few days following its over 300% gain in seven days.
Before the recent downturn, SHIB KNIGHT forecasted bullish targets for Shiba Inu within the range of $0.00004318 to $0.00005590. At the time, SHIB traded around $0.00003533. Interestingly, SHIB made it to the range as the analyst forecasted it.
