With the second-largest meme coin, Shiba Inu, erasing a zero off of its price recently to hit 52-week highs, one prominent analyst has revealed updated targets and crucial levels to monitor going forward if the rally persists.
In the past day alone, amidst the surge, Shiba Inu has clocked 24-hour highs of $0.00001445, according to CoinGecko.
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Judging by the notable move invalidating months of resistance already, analyst SHIB Knight says SHIB has handily surpassed his previous projections for its medium-term top end.
To contextualize the renewed confidence in trend momentum, he now dropped the latest targets and supports to watch for pullbacks.
Where is SHIB headed next?
Upside projections point to $0.00001466 initially as an interim peak, which would surpass the recent surge. Building on the acceptance above, Knight’s analysis flags $0.00001545 as the next measured objective, which opens the door towards an aspirational $0.00001668 target and possibly beyond thereafter.
On the other side, for risk mitigation, however, SHIB Knight cautions against potential whipsaws, even amidst the optimism currently given to crypto’s volatile nature.
Initial pullback support resides around $0.00001343 on any correction, with subsequent relief eyed at $0.00001306 if weakness persists. But below there, only formidable support remains at $0.00001258 by his estimate, which could serve as a launchpad for the next bull run higher.
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Presently, SHIB trades at $0.00001274, cementing 35% weekly gains. With its market capitalization crossing $7.5 billion now, the technical outlook and buying momentum align around significantly more upside still to come as the meme coin frenzy continues spreading into 2023, according to analysts’ projections.
The second largest meme coin has dropped from a 24-hour high of $0.00001452 to a low of $1228, before climbing to its current price level.
