Shiba Inu Price Poised For A Massive Rally As It Enter Into Buy Zone

Shiba Inu Price Poised for a Surge as it Enters Buy Zone

Shiba Inu (SHIB), dubbed the "Dogecoin killer," has garnered attention once again. Following a sharp decline below $0.000017, the meme coin has entered a buy zone, according to analysts. This presents an opportunity for investors seeking entry points at a discounted price, with expectations of a potential rally towards $0.000052.

Shiba Inu Enters Buy Zone

Crypto analyst SHIB Knight shared insights in a recent tweet, including a chart showcasing crucial price levels for SHIB. The analysis indicates that SHIB has entered a buy zone, offering favorable opportunities for investors.

[Image of tweet from @army_shiba]

Key price levels of $0.00002392, $0.00002105, and $0.00001837 have been identified, with particular focus on levels below $0.000018, representing significant dips and investment potential.

SHIB Knight's buy zone analysis is based on weekly chart analysis. In cryptocurrency markets, bulls generally defend specific price points to trigger upward momentum. For Shiba Inu, essential support levels are noted around $0.00001760 and $0.00001766, which are crucial for monitoring potential bullish trends.

Can SHIB Reach $0.000052?

At its launch in August 2020, half of the SHIB token supply was allocated to Ethereum co-founder Vitalik Buterin. Buterin burned 90% of his tokens and donated the rest to charity. This burn roughly amounted to 410 trillion tokens, resulting in a significant price surge for SHIB.

Currently, there are approximately 589 trillion SHIB tokens in circulation. If another 400 trillion SHIB tokens were burned, the circulating supply would be reduced to about 189 trillion. With SHIB's market cap of approximately $10 billion, this could potentially elevate the price to $0.00005291.

However, a burn of this magnitude is challenging and requires the participation of numerous SHIB holders worldwide.

Shiba Inu Price Analysis

As of now, Shiba Inu's price exhibits a slight recovery, rising by 2.04% to trade at $0.00001742. The surge in trading volume by 15% to $223.22 million indicates active investor interest.

Moreover, the token's open interest has increased nearly 4% to $33.73 million, reflecting positive market sentiment and engagement.