CoinDesk Report:
TradingView analyst Abmoon remains confident in his previously set series of six Shiba Inu targets, with the ultimate goal set at $0.000165.
The chartist’s latest update on his long-term analysis was supported by a recent bullish report on Shiba Inu. Notably, on July 1st, The Crypto Basic disclosed that leading air purification company Kronos became the first US-listed firm to accept Shiba Inu payments.
Abmoon emphasized this development in his analysis, aiming to bolster positive sentiment amidst ongoing economic downturn. The analyst noted that his Shiba Inu trades remain active, indicating his belief in the feasibility of these targets.
Six Price Targets for Shiba Inu
Interestingly, these targets were set in November 2023 when SHIB was still striving to recover $0.00001. At that time, Shiba Inu traded between a low of $0.00000816 and a high of $0.00000839. Despite the challenging sub-$0.00001 environment then, Abmoon expressed confidence in these lofty goals.
Consequently, he revealed his trading plan to achieve these targets, with entry zones ranging from $0.00000755 to $0.00001018. Notably, the first target price range of $0.00002629 to $0.00002825 represented a 163% increase from the prevailing price.
Subsequently, he set the second target between $0.00003778 and $0.0000399, marking a 272% return. Additionally, the analyst anticipated a surge towards $0.000065 to $0.00006773, a 545% rise. Meanwhile, the fourth target was set at $0.0000869 to $0.0000924, a 757% increase.
Shiba Inu Weekly Chart | Abmoon
The fifth target ranged from $0.000124 to $0.00013, while the sixth target’s minimum was $0.0001606. Abmoon has set $0.000165 as the final price target for his ongoing trade, marking a 997% increase from current levels. This trade has persisted for over eight months, with some targets reportedly failing.
SHIB’s Battle for These Targets
Shiba Inu reached impressive milestones with the first and second targets at $0.000045 in early March. The analyst confirmed this optimistic move in the latest update on March 11th. However, he stressed the importance of sticking to the trading plan, believing SHIB has more room to reach greater heights.
Nevertheless, due to the continued downturn in the cryptocurrency market, Shiba Inu has now lost these two targets. Nonetheless, Abmoon remains confident in driving economic recovery. Other analysts share similar sentiments, with some predicting prices to rise to $0.00003. Market observer Crypto Sheriff expects cryptocurrency prices to rebound to $0.000045.
However, on its journey to recovery, The Crypto Basic emphasizes several resistance levels SHIB needs to break through. Shiba Inu has surpassed the lower Bollinger Band but has yet to reach this level in its adjustment process.
Shiba Inu Bollinger Bands
Despite this, the current trading price of the asset is $0.00001508, with eyes now set on the 20-day SMA ($0.00001715). SHIB needs a modest 13% increase to break through this area. If this occurs, Shiba Inu could aim for the upper Bollinger Band at $0.00001939, aiding in its recovery towards $0.00002.