Bullish: Analyst Forecasts Shiba Inu’s 300% Upswing This Year

March 24, 2024

Shiba Inu is set for a meteoric 300% upswing later this year, defying its recent dip following a robust rally between late February and early March and underlining its potential for a dramatic recovery and substantial growth soon.

Forecasting a bullish future, Trading View analyst Xanrox, expected the value of Shiba Inu to quadruple from a referenced price point later this year, setting the stage for what could be one of the most remarkable rallies in the crypto domain.

They said investors “need to catch the bounce and ride the next wave to the upside,” which means buying the cryptocurrency at a low point right before its price begins to rise again. The analyst is suggesting that there is an upcoming opportunity where the price of SHIB will start to rebound, and investors should prepare to capitalize on this.

The Fibonacci retracement is a popular tool among traders to identify potential support and resistance levels, based on the idea that markets will retrace a predictable portion of a move, after which they will continue to move in the original direction. The 0.618 level, or 61.8%, is known as the “golden ratio” and is considered by many traders to be the most likely retracement level where the price can reverse. The analyst identified 0.00002249 as a significant price level to buy SHIB.

The analyst further emphasized the importance of conducting an Elliott Wave technical analysis, which is a form of technical analysis to predict future price movements by identifying recurring wave patterns in market prices with impulsive and corrective waves and can provide insights into market trends. Xanax said this technical analysis is crucial so investors would grasp the full market structure and understand the upcoming uptrend’s potential trajectory. 

Investors are advised to look out for bullish patterns, such as a bullish flag formation, which could signal the right moment to enter the market. Alternatively, setting a limit order to purchase SHIB at a lower price point could also position investors favorably ahead of the next wave, the analyst noted.

Further, they pointed to only one significant resistance on the journey upward – the coin’s previous all-time high (ATH) of $0.00008845 in 2021. With patience being the key, the analyst recommended loading up on SHIB at the strategic entry point of $0.0000212995.

As of 3:30 p.m. ET on Sunday, Shiba Inu was trading at $0.000028, marking a 1.12% decline for the day and a 5.12% decrease over the past week, despite experiencing a substantial 189.76% rally in the last month. Currently ranked #12 on CoinMarketCap, SHIB boasts a market capitalization of $16.32 billion, with a total circulating supply of 589,289,410,812,691 SHIB coins, according to the latest data from CoinMarketCap.

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