Shiba Inu enters buy zone on weekly chart, AI predicts 121% price escalate

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The Shiba Inu price has now entered a buy zone after a crash that sent it below the $0.000017 support. At this point, this represents a unique opportunity for investors looking to get into cryptocurrency at a low price, especially as the market heads towards another recovery.

The analyst identifies a buying zone for SHIB

According to cryptocurrency analyst SHIB Knight, the Shiba Inu price has fallen into another buy zone. Cryptocurrency analyst common this development on the X platform (formerly Twitter), where he posted a chart showing the different main price levels of this meme coin.

Some of the vital levels highlighted in the analysis are USD 0.00002392, USD 0.00002105 and USD 0.00001837. However, the most vital one is below the $0.000018 level, a decline that has clearly created novel opportunities for investors.

As SHIB Knight explains, this means that the Shiba Inu token has now entered a buy zone, using the weekly chart as a case study. As is usually the case with cryptocurrency analysis, there are levels that bulls will need to defend in order to trigger an uptrend, and in this case, the analyst identifies them at around $0.00001760 and $0.00001766.

The cryptocurrency analyst believes that if the bulls manage to defend this level, then the price should escalate from here. “$SHIB is in a buy zone on the weekly chart. Bulls should defend this zone against the uptrend,” we read in X’s post.

AI says Shiba Inu price will reach $0.00003825

Knight’s SHIB analysis comes at an compelling time for the Shiba Inu price, with speculation that the meme coin is poised to embark on another uptrend. One of the main proponents of a SHIB price rebound is AI at CoinCodex, which has Predicted bullish wave for the meme coin in the next few days.

According to the website, the Shiba Inu price could more than double from this point onwards, pushing it to a novel annual all-time high. Precision, which is expected to prove true over the next five days, shows the price as high as $0.00003825, which represents a 121% price escalate from the current level.

However, AI is not very bullish about the price of SHIB in the long term, especially in July. While the forecast at the end of June is bullish, AI predicts a significant price drop next month, expecting it to drop to $0.00001638, a decline of 4.98% from then on.

Currently, however, the Shiba Inu price is still under bearish pressure, which keeps its price low. It has seen losses of 1.9% in the last day and 7.54% in the last week, and at the time of writing it is trading at $0.00001715.

SHIB price rebounds from falling prices | Source: SHIBUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com

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