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Shiba Inu

Shiba Inu Turns Bullish: Crypto Analyst Predicts Massive Price Surge

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Shiba Inu (SHIB) has dipped below $0.00003 again after testing the price level for more than 48 hours. Despite this, the cryptocurrency has largely exhibited signs of resilience from the bulls after its strong price surge in early March, prompting analysts to persist on a bullish outlook.

According to a crypto analyst known as Xanrox, Shiba Inu is on its way to the $0.0008 price level. Interestingly, the analyst’s prediction is based on a series of Elliot Waves, allowing him to identify potential price support and resistance zones in the long term.

Analyst Predicts Massive Price Surge For Shiba Inu

Xanrox, who periodically drops crypto outlooks on Tradingview, has now joined a cohort of analysts foreseeing the continuation of a price uptrend for Shiba Inu. His SHIB analysis, which he titled “Buy here, do not miss next pump,” dates as far back as March 17 and has constantly been updated as the price action plays out. 

Related Reading: Dogecoin Influencer Predicts When DOGE Payments Will Debut On X

Interestingly, the first 3-day timeframe chart shared by the analyst looked at SHIB’s position nine days after it reached $0.00004556. Shiba Inu had started to consolidate by this time and had fallen to $0.00002763. However, according to Xanrox, the consolidation opens up the perfect opportunity to load up on SHIB. His entry point, which is at $0.0000225, coincides with the 0.618 Fibonacci retracement level. 

Xanrox also noted that SHIB’s price action will form a flag pattern, which is a perfect indicator of a bullish breakout. The crypto’s price has well, in fact, gone ahead to complete a flag formation. However, in his most recent update, Xanrox noted that while a falling wedge pattern has been formed, it would be wise to wait for another Elliott Wave formation to the downside in order to be sure that the pattern is complete.

Most notable in his analysis is the use of Elliott Waves to bolster his bullish prediction and draw out price action in the next few months after the uptrend continuation. Using his knowledge of Elliot Wave Theory, Xanrox pinpointed $0.0008 as a potential price point for the end of the fifth impulse wave. Interestingly, this would mean a 317% increase from his optimal entry point. 

SHIB’s Outlook For April

Xanrox pointed out that SHIB only has one major resistance on its way up, which is around its current all-time high of $0.000086. However, the cryptocurrency has now formed a strong resistance at the $0.00003 price point, which remains to be overcome.

Related Reading: Crypto Expert Publishes A Run-Down Of Sam Bankman-Fried’s Lesser Known Activities

According to another analyst, Shiba Inu could break out of this price level and reach $0.000058 this April. It will be necessary for SHIB bulls and enthusiasts to raise their accumulation in order for this to become a reality.

At the time of writing, SHIB is trading at $0.00002873, down by 5.8% in the past 24 hours. 

Shiba inu price chart from Tradingview.com

SHIB price at $0.000028 | Source: SHIBUSDT on Tradingview.com
Featured image from Crypto News Flash, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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