![Time to Buy Shiba Inu (SHIB) is Now According to Top Analyst - Here's the Crucial Entry Point](https://captainaltcoin.com/wp-content/uploads/2023/09/P2P-Review-15.png)
Crypto analyst and Head of Content at CaptainAltcoin, Petar (@on_chain_pj), recently posted some technical analysis on popular memecoin Shiba Inu (SHIB). He highlighted a key Fibonacci-based price level SHIB may reach if a crucial support level continues holding.
SHIB Sets Sights on $0.00001243
In his first tweet, Petar noted that “SHIB continues its uptrend, eyeing a key level at $0.00001243i, aligning with the 2.618 Fib extension.” This target level comes from the Fibonacci extension tool, which traders use to identify potential future price points based on recent swings and retracements.
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-376-1024x570.png)
As Petar explained, “A break above could set sights on $0.000014 (4.236 Fib extension), marking a potential rise of approximately 42.86% from the current price levels.” So if SHIB can decisively flip $0.00001243 into support, its next test would be the 4.236 Fib level around $0.000014. Such a move would represent a sizable 43% rally from SHIB’s price when Petar shared his analysis.
Crucial Support Must Hold
However, Petar cautioned that SHIB bulls aren’t out of the woods yet. In a follow-up tweet, he noted an important support level that must continue holding:
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Show more +“SHIB’s uptrend hinges on defending the crucial $0.000008 support level, coinciding with its 200-day moving average, a key factor for its potential surge towards higher Fibonacci extension targets.”
This key support aligns with SHIB’s 200-day moving average, which is an important long-term indicator of the overall market trend. If SHIB were to dip back below $0.000008 and lose the 200-day MA, it would signal a macro trend shift that could invalidate the current Fib-based price targets.
So while the Fib extensions offer an optimistic view, Petar stressed this depends on $0.000008 continuing to act as a floor for SHIB in the days and weeks ahead.
The Bottom Line for SHIB Holders
Shiba Inu has come a long way from its origins as a memecoin modeled after the original dog-themed crypto, Dogecoin. According to Petar’s analysis, SHIB looks poised to tack on more gains on its already impressive run over the past year. However, holding the $0.000008 support level remains key for SHIB to maintain its bullish momentum.
If $0.000008 fails to hold up on any corrections, it could spell trouble for the SHIB uptrend. In that scenario, reaching the 2.618 Fib extension around $0.00001243 would become a much taller task. But as long as $0.000008 continues acting as a reliable floor, Petar believes SHIB has enough technical strength for a shot at $0.000014 in the not-too-distant future.
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