Crypto Analyst Predicts Major Price Crash For Shiba Inu, But It’s Not All Bad News
2024年11月15日 - 4:30AM
NEWSBTC
Crypto analyst MadWhale has predicted that the Shiba Inu price
could suffer a significant crash soon enough. Based on the
analysis, this price correction is simply a healthy retracement
that could pave the way for SHIB to reach new highs. Shiba Inu To
Suffer A Major Price Crash In a TradingView post, MadWhale
predicted that Shiba Inu could suffer a major price crash soon
enough. According to the analyst, SHIB could decline further to the
next lower Fibonacci support level. The analyst’s accompanying
chart showed that this Fib support level is just above the
psychological price level of $0.000020. Related Reading: Can
Dogecoin Price Reach $1 By Year End? Here’s What The Fibonacci
Levels Say However, the analyst is still bullish on Shiba Inu in
the long term despite the possibility of this price crash. MadWhale
stated that they anticipate a renewed upward movement following the
potential dip, leading to a price recovery and subsequent price
increases. The accompanying chart showed that the Shiba Inu price
could rally to $0.00003200 on the first leg of this recovery.
MadWhale also provided insights into why they are bullish on Shiba
Inu’s long-term trajectory. The analyst stated that a significant
influx of trading volume has entered the market for SHIB.
Furthermore, they claimed that the meme coin is backed by one of
the largest media platforms and communities in the global crypto
space, which enhances its influence and market visibility. A
price correction also seems likely for Shiba Inu, especially if the
Bitcoin price were to correct following its recent parabolic rally
past $90,000. IntoTheBlock data shows that the Shiba Inu price
correlation with Bitcoin is at 0.91, which indicates a strong
positive price correlation between both assets. Moreover,
Shiba Inu’s recent rally has also been thanks to the parabolic
rally that the Dogecoin price has enjoyed, given their price
correlation. Therefore, with crypto analysts like Kevin Capital
predicting that DOGE will witness a price drop soon, SHIB could
also follow suit. SHIB Could End The Year At $0.0000444 In an
X post, crypto analyst Investing Haven predicted that Shiba Inu
could rise to $0.0000444 by year-end. The analyst stated that this
price target aligns with the 25% Fibonacci retracement.
Furthermore, Investing Haven noted that October’s predicted dip to
$0.0000144 saw buyers step in at $0.0000158, reinforcing a bullish
setup. Related Reading: Dogecoin Price To $20? Higher Montly
Close Suggests 8,000% Run Is Possible Meanwhile, Investing Haven
also stated that Shiba Inu’s strength signals an ultra-bullish
2025. The analyst’s accompanying chart showed that SHIB could rally
to $0.00007436 sometime next year. This target is still below Shiba
Inu’s current all-time high (ATH) of $0.000088. However, crypto
analyst Javon Marks predicted that SHIB would still rally to its
ATH and surpass it. At the time of writing, Shiba Inu is
trading at around $0.00002642, up over 11% in the last 24 hours,
according to data from CoinMarketCap. Featured image created
with Dall.E, chart from Tradingview.com
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