Amid the broad market rally, Shiba Inu bulls are targeting key support levels that could increase its value by 5x.
Since its conception in August 2020, the Shiba Inu has attracted widespread market attention as the “Dogecoin killer,” quickly becoming a topic of interest for both early adopters and new investors. While initially the Shiba Inu price saw meteoric rises, it witnessed the fluctuations typical of the volatile cryptocurrency market. Understanding such fluctuations would require a more in-depth analysis of the factors influencing its price.
The US elections, for example, influenced market sentiment, positioning the SHIB token to ride through an uptrend. Shiba Inu price recorded a 6% increase in its daily time frame, which is in line with the rest of the market. Its on-chain metrics highlight that the meme coin has completed the descending widening wedge pattern, often highlighting bullish sentiment.
Shiba Inu Price Targets Key Support Level, Analyst Breakdown
According to a crypto analyst Alex ClayShiba Inu price has identified two key targets based on its Fibonacci retracement levels. He noted that the SHIB token just completed a descending widening wedge pattern, which often signals a bullish reversal. This trend has been described by the divergent downtrend line, which indicates a price reversal after being on a downtrend for some time.
After bounce above The critical support level at $0.00001833 opened the way for further gains. Clay’s analysis also indicates that bulls are targeting the $0.00003710 level, aligning with the 0.382 Fibonacci level as an intermediate level. Their second target would be around the $0.00005685 mark, corresponding to the 0.618 retracement, an area where selling pressure would intensify.
These two objectives are quite important for investors before changing strategies. Other analysts have also projected an optimistic outlook for the Shiba Inu coin, but this will depend on whether the market as a whole maintains its bullish momentum. As such, the meme token could rise 5-10 times from the current price to range between $0.00009555 and $0.0001911. In any case, savvy investors should remain informed and cautious before changing their positions.
New DEX exchange protocol could eclipse Shiba Inu
In the meantime, Lunex network (LNEX) has quickly succeeded in its early stages of price discovery thanks to its innovative features that address the problems inherent in the DeFi ecosystem. Unlike traditional DEX exchanges that underdeliver, Lunex will actually solve fundamental problems such as price optimization and liquidity. With this, coupled with a growing user base and unmatched passive income opportunities, the project emerges as the go-to platform for investors looking for reliability in the DeFi space and high returns.
So far, Lunex has raised over $2 million in presales and is selling at $0.002, a jump of over 66% from its initial offering of $0.0012. The main driver of LNEX’s bullish momentum is its aggregation protocol, which sources liquidity from multiple exchanges and can also split a single transaction across multiple decentralized exchanges to ensure users get the best possible prices. Its smart contract will constantly verify transactions to ensure transactions are executed accurately.
Another notable feature is its revenue sharing model, in which the platform will purchase LNEX tokens on the open market using a portion of its revenue generated from trading and subscriptions. The redeemed tokens will then be redistributed to holders who stake their LNEX tokens, creating passive income. The buzz around Lunex is evident through its growing community and successful presale, positioning the project as a major player that could eclipse popular tokens like Shiba Inu.
You can find more information about the Lunex Network (LNEX) here:
Website: https://lunexnetwork.com
Social networks: https://linktr.ee/lunexnetwork
This is a sponsored post. The opinions expressed are solely those of the sponsor and readers should conduct due diligence before taking any action based on the information presented in this article.