7 months ago
33 ARTICLE AD
Crypto analyst Crypto Noan has revealed a profit-taking strategy that crypto investors can adopt as they invest in Shiba Inu (SHIB), the second-largest meme coin by market cap. This strategy would be most beneficial to those who need guidance in securing profits as the meme coin continues to make significant price gains.
Price Levels To Secure Profits From Shiba Inu
In a chart shared on his X (formerly Twitter) platform, Crypto Noan highlighted four price targets from which Shiba Inu investors should look to take profits. The first take profit zone he highlighted was at $0.000028181. The second take profit zone was at $0.000032816; this serves as a moderate target for those who may not be satisfied with the returns at the initial take profit target.
Related Reading: Investment Giant Morgan Stanley Considers Providing Spot Bitcoin ETF Options For Clients
Crypto Noan further highlighted $0.000039035 and $0.000043609 as the third and fourth take-profit zones, respectively. These price levels are no doubt reserved for those with crypto investors with great patience and a large risk appetite, considering that Shiba Inu will have to make a price gain of over 51% and 69% to attain those targets.
Interestingly, Shiba Inu already hit the first and second take-profit targets at some point this year, considering that the crypto token rose to as high as $0.00003592 on March 5, according to data from CoinMarketCap. This also provides some relief to those looking to secure profits with this strategy, as there is a high probability that the meme coin could rise to such levels again once it continues its uptrend.
Meanwhile, although Shiba Inu hasn’t come close to the third and fourth take-profit targets, crypto investors can still expect it to happen at some point based on other crypto analysts’ price predictions. One of these analysts is Xanrox, who predicted that Shiba Inu will see a 300% price gain before the year ends. Such a price move will ultimately take Shiba Inu even above those take-profit zones.
Proper Risk Management For Shiba Inu Investors
To ensure proper risk management, Crypto Noan provided a price level that Shiba Inu investors should consider to exit their positions in case of significant price declines. The analyst highlighted $0.000022449 as the level at which investors should offload their Shiba Inu holdings and put the meme coin on their watch list in case its price sees a correction.
The crypto analyst noted on the chart that the $0.000027036 price level is a good buy zone for those yet to invest in the meme coin. For anyone looking for a lower entry point, Xanrox previously remarked that 0.00002249 looks like a great level to invest in the crypto token.
At the time of writing, Shiba Inu is trading at around $0.0000257, up over 4% in the last 24 hours according to data from CoinMarketCap.
Featured image from Times Tabloid, chart from Tradingview.com
