Is Now the Time to Buy Shiba Inu? Crypto Analyst Says Yes

• Popular crypto analyst Thescalpingpro has urged his followers on X to buy SHIB during its current dip.
• SHIB’s trading volume has decreased by 43% to $397.78 million over the past week. 
• SHIB faces strong resistance at $0.000026, where many traders tend to sell. Holding above $0.000025 is crucial for another upward push.

Crypto analyst, Thescalpingpro, has urged investors to buy Shiba Inu (SHIB) during its current dip. In an X post, the pseudonymous analyst emphasized that this might be the last opportunity to buy SHIB before a potential price increase.

Shiba Inu is currently trading at $0.00002529, reflecting a 1.43% intraday dip and a 2.18% decline over the past week. SHIB’s trading volume has also fallen by 43% to $397.78 million over the same period. Similarly, its market capitalization has dipped by 1.50%, reaching $14.88 billion.

According to TradingView data, SHIB’s price has shown relatively stable movement with moderate volatility this month. The price consistently finds support around $0.000022 and encounters resistance at $0.000027, struggling to break through this level.

Furthermore, volume trends reveal a few noticeable spikes, which are significantly lower than in previous periods, such as during the March surge. Meanwhile, lower volume indicates decreased trading activity, often accompanying consolidation phases. These periods usually precede significant price movements as traders anticipate a breakout.

On June 5, SHIB reached a high of $0.00002633 after surpassing the $0.000025 level and 50-day exponential moving average (EMA). This development brought mid-term bullish momentum, supported by Bitcoin’s resurgence and a broader market uptrend.

However, the $0.000026 threshold remains a significant resistance level. According to IntoTheBlock data , 64,320 addresses purchased 69.74 trillion SHIB tokens at an average price of $0.000026. Each time SHIB retests this price, these addresses tend to sell off their holdings, increasing selling pressure and leading to a price correction.

As SHIB retraced most of its recent gains and slipped below $0.000026, it now aims to hold above $0.000025 to prepare for another potential upward push when bullish sentiment returns. Coincodex currently predicts that SHIB’s price could rise by 226.28%, reaching $0.00008195 by July 7, 2024.