The Shiba Inu price has recently dropped below the $0.000017 support level, marking it as a buy opportunity for investors eyeing entry into the cryptocurrency market at a low price. This situation is particularly attractive as the market anticipates a potential recovery.

Analyst Identifies Purchase Zone for SHIB

According to crypto analyst SHIB Knight, the Shiba Inu price has entered a new buy zone. This insight was shared on X (formerly Twitter), accompanied by a chart detailing key price levels for the meme coin.

Highlighted levels in the analysis include $0.00002392, $0.00002105, and $0.00001837, with significant emphasis placed on levels below $0.000018. This decline has opened up fresh investment opportunities.

SHIB Knight explains that the Shiba Inu token is now within the identified buy zone, based on analysis of the weekly chart. Typically in crypto analysis, certain levels must be defended by bullish investors to initiate an upward trend. In this case, the analyst identifies critical support around $0.00001760 to $0.00001766.

The analyst believes that defending this zone could trigger a price increase from current levels. The X post stated, “$SHIB is on buy zone at weekly chart. Bulls should defend this zone for uptrend.”

AI Predicts Shiba Inu Heading to $0.00003825

SHIB Knight's analysis coincides with optimistic forecasts for the Shiba Inu price, suggesting a potential new uptrend. One prominent advocate of SHIB's recovery is the AI at CoinCodex, which anticipates a bullish wave for the meme coin in the coming days.

According to CoinCodex, Shiba Inu's price could potentially double from its current level, reaching up to $0.00003825 within the next five days. This projection represents a significant 121% increase from current levels.

However, the AI's outlook for SHIB in the longer term, particularly in July, is less optimistic, predicting a substantial price decline to as low as $0.00001638, reflecting a 4.98% decrease from current levels.

Presently, Shiba Inu continues to face downward pressure from bearish market conditions, experiencing minor losses of 1.9% over the past day and 7.54% over the past week, trading at $0.00001715 at the time of writing.