CoinJekko Report:
TradingView analyst Abmoon remains confident in his previously set series of six Shiba Inu targets, with a final target of $0.000165. The chartist’s latest update on his long-term analysis was bolstered by a recent bullish report on Shiba Inu. Notably, on July 1st, The Crypto Basic revealed that Kronos, a leading air purification company, became the first US-listed company to support Shiba Inu payments.
Abmoon highlighted this development in his analysis, aiming to uplift sentiment amid ongoing economic challenges. He noted active Shiba Inu trades, indicating continued belief in the feasibility of these targets.
Six Price Targets for Shiba Inu
Interestingly, Abmoon established these targets back in November 2023, when SHIB was striving to reclaim $0.00001. At that time, Shiba Inu traded between lows of $0.00000816 and highs of $0.00000839. Despite the sub-$0.00001 conditions then, Abmoon expressed confidence in the six lofty targets.
Consequently, he disclosed his trading plan to achieve these targets, with entry zones ranging from $0.00000755 to $0.00001018. Notably, the first target range of $0.00002629 to $0.00002825 represented a 163% increase from the prevailing prices.
Subsequently, he set the second target between $0.00003778 and $0.0000399, marking a 272% return. Moreover, the analyst anticipated a surge to $0.000065 to $0.00006773, a 545% increase, followed by the fourth target of $0.0000869 to $0.0000924, a 757% rise.
Shiba Inu Weekly Chart | Abmoon
The fifth target was set at $0.000124 to $0.00013, with the sixth target’s minimum goal at $0.0001606. Abmoon pegged $0.000165 as the final target for his ongoing trades, representing a 997% increase from current prices. This trade has spanned over eight months, with some targets reportedly missed.
SHIB’s Pursuit of These Targets
Shiba Inu impressively reached the first and second targets of $0.000045 in early March. The analyst confirmed this optimistic move in his update on March 11th. However, he emphasized sticking to the trading plan, believing SHIB has greater potential to achieve higher heights.
Yet, due to the sustained downturn in the cryptocurrency market, Shiba Inu has now lost these two targets. Nevertheless, Abmoon remains confident in driving economic recovery. Other analysts share similar sentiments, with some forecasting SHIB could rise to $0.00003. Market observer Crypto Sheriff anticipates a cryptocurrency price rebound to $0.000045.
However, on its journey to recovery, The Crypto Basic advises attention to multiple resistance levels SHIB needs to break through. Shiba Inu has breached the lower Bollinger Band but has yet to reach this level in the adjustment process.
Shiba Inu Bollinger Bands
Despite this, the current trading price for the asset stands at $0.00001508, with eyes now set on the 20-day SMA ($0.00001715). SHIB needs a slight 13% increase to breach this area. Should this occur, Shiba Inu could aim to shoot towards the upper Bollinger Band at $0.00001939, aiding in reclaiming $0.00002.
