Shiba Inu started to compensate for the losses it suffered in the last two weeks and attracted attention in the markets again. During this recovery period, Xanrox, one of the leading names in the cryptocurrency market, made a very optimistic forecast for Shiba Inu (SHIB). Xanrox predicted that SHIB has a 300% upside potential this year, encouraging investors to take advantage of this potential opportunity. Here are the details…
In its analysis, Xanrox noted that Shiba Inu’s current low price levels present a significant buying opportunity for investors. Xanrox performed these analyzes using the Fibonacci retracement, a popular trading tool. Fibonacci retracement is a technical analysis tool used to measure the tendency of price movements to continue correcting at certain rates. The idea behind the Fibonacci retracement tool is that markets will retrace a predictable portion of a move before resuming moves in the initial direction. Using this tool, the analyst pointed out the $0.00002250 level as a suitable buy point ahead of Shiba Inu’s next price wave.
However, Xanrox also highlights Elliott Wave analysis, adding that this technical analysis tool can assist traders in predicting future price changes. Elliott Wave attempts to identify trends by recognizing recurring wave patterns in markets, which can provide traders with a guide to predicting future price movements.
Xanrox’s analysis also encouraged investors to use these two different technical analysis tools to identify the right entry points. He also emphasized that investors should pay attention to important technical analysis patterns such as the “bullish flag formation”. These types of patterns are usually specific formations where prices will change direction or may signal the beginning of a significant increase.
Latest Situation in Shiba Inu Price
Shiba Inu’s strength has been remarkable, rising to $0.000045 earlier this month. However, the asset experienced a major decline on March 20, dropping to around $0.000024. The popular meme coin has slowly begun regaining some of the gains lost due to the sharp fluctuations in the market this month.
Currently, Shiba Inu is down 65.57% from its all-time high of $0.00008845 recorded on October 28, 2021. In Xanrox’s predictions, the Shiba Inu faces only one significant resistance to its potential rise.
Although these predictions seem promising, it is important to be careful when investing in crypto assets. The crypto market is often full of volatility and there is no guarantee that predictions will come true. However, Shiba Inu has been known to show significant recovery ability, as it has risen to $0.00008845 in the past.
You can access current market movements here.
Source : the crypto basic