As Shiba Inu recovers most of its losses in the past two weeks, prominent market watcher Xanrox has predicted a 300% upswing for SHIB this year.
The analyst has issued a favorable prediction for Shiba Inu, speculating that the asset could surge 300% later this year.
Xanrox’s Analysis
In a recent analysis, Xanrox urged investors to capitalize on Shiba Inu’s current low price to benefit from a potential upswing.
Xanrox Shiba Inu analysis
They made their analysis using the popular trading tool Fibonacci retracement. For the uninitiated, the tool helps traders identify the possible resistance and support level of any asset, like SHIB.
Notably, the idea behind the Fibonacci retracement tool is that the markets will recede a predictable portion of a move before resuming their movement in the initial direction.
Using the tool, Xanrox highlighted $0.00002250 as a suitable price point to acquire Shiba Inu before its next wave.
Furthermore, the analyst stressed the significance of utilizing Elliott Wave technical analysis, which helps forecast future price changes by recognizing repetitive wave patterns regarding market prices.
Xanrox stated that the Elliott Wave tool would give investors a better understanding of the entire market structure. The analyst urged investors to utilize both the Fibonacci retracement and Elliott Wave tools to identify patterns signaling the right point of entry. The “bullish flag formation” is one of the patterns investors should look out for.
Shiba Inu Gradually Recovers Losses
It is worth noting that Shiba Inu demonstrated its strength earlier this month by rallying over to around $0.000045. However, the asset plummeted heavily to around $0.000024 on March 20.
The canine-themed token is gradually recovering some of the gains lost due to the bloodbath across the broader market this month. SHIB is trading at $0.00003050, down 1% over the past 24 hours.
At press time, Shiba Inu is down 65.57% from its all-time high of $0.00008845, recorded on October 28, 2021. Per Xanrox, Shiba Inu faces only one significant resistance on its potential upward swing.
As reported by The Crypto Basic, Shiba Inu is displaying strength to breach the $0.000081 price level, which could pave the way for a new all-time high record at $0.0001553.
While these predictions look promising, it is imperative to tread carefully when investing in crypto assets, including Shiba Inu. The broader crypto market is rife with volatility, and these predictions are not guaranteed to play out.
However, Shiba Inu has demonstrated its prowess of rallying significantly in the past, as seen in 2021 when its price peaked at $0.00008845.
Read the full article here
