Top crypto strategist Micheal van de Poppe shares a bullish outlook for Shiba Inu (SHIB), indicating key support and resistance levels on the chart.
Shiba Inu’s stunning performance in the crypto market has placed it on the watchlist of many renowned traders and technical analysts. In a recent outcome, one such TA guru conveyed an uptrend possibility for SHIB, stating the corresponding conditions.
Michael van de Poppe states that SHIB will likely sustain its upward trajectory if some key support levels hold firm. Notably, the asset has been in an uptrend over the past weeks, putting many holders in gains.
Behavioral analysis platform Santiment called attention to this exciting development. The update showed that SHIB alone posted a double-digit gain within seven days while Bitcoin and other large-cap assets were bleeding.
But, the canine-themed token recorded a sharp decline to $0.00000996 on August 14 after hitting its recent high of $0.00001136 on August 12. The short-lived retracement ended Monday as Shiba Inu recovered following investors’ huge buying pressure. Citing these recent price actions, Poppe expects another leg up for SHIB in the coming weeks or months.
Image Source: https://twitter.com/CryptoMichNL/status/1691431293341384704?
Can SHIB Surge By Over 27%?
Particularly, the CEO and founder of MN Trading noted that Shiba Inu could potentially eclipse the $0.000013 price level. At the press time exchange rate of $0.00001022 per SHIB token, this projected price translates to an increase of over 27%.
For this to happen, analyst van de Poppe remarked that SHIB must hold above some critical support levels. The three support levels highlighted by the analyst included — $0.00000808, $0.00000870, and $0.00000941. Poppe implied that SHIB will likely maintain the existing uptrend if it stays above these price levels.
On the contrary, he inferred that the token could rather enter a downtrend if it finally falls below the lowest support. With the Shibarium launch around the corner, several other experts conveyed higher chances for SHIB to rally.
