In the dynamic world of cryptocurrency, Shiba Inu (SHIB) has caught the attention of prominent market watcher Xanrox, who foresees a potential 300% surge in the asset’s value later this year. As Shiba Inu starts recovering its recent losses, this optimistic prediction offers a glimmer of hope to investors and enthusiasts of the canine-themed token.
Xanrox, known for their insightful market analyses, has encouraged investors to take advantage of Shiba Inu’s current low price. According to Xanrox, this could be a strategic entry point for those looking to capitalize on the anticipated upswing.
Utilizing the Fibonacci retracement tool, a popular instrument among traders, Xanrox identified $0.00002250 as an ideal buy-in price for Shiba Inu. This tool is instrumental in determining potential resistance and support levels for assets like SHIB. The underlying concept of Fibonacci retracement suggests that markets tend to retrace a predictable portion of a movement before continuing in the original direction.
Additionally, Xanrox emphasized the importance of the Elliott Wave technical analysis in forecasting future price movements. This method involves identifying repetitive wave patterns in market prices, offering insights into the broader market structure. Investors, as per Xanrox, should use both the Fibonacci retracement and Elliott Wave tools in conjunction to discern patterns indicative of the best entry points, including the “bullish flag formation.”
Shiba Inu, earlier this month, showcased its strength with a rally to around $0.000045. However, following a broad market downturn on March 20, the token’s value plummeted to approximately $0.000024. Currently trading at $0.00003050, SHIB is still 65.57% below its all-time high of $0.00008845, achieved on October 28, 2021.
Xanrox suggests that Shiba Inu faces only one significant resistance in its potential upward trajectory. If the token breaches the $0.000081 price level, it could set the stage for a new all-time high at $0.0001553.
While these projections offer exciting prospects, it’s crucial for investors to approach the volatile crypto market with caution. Predictions, particularly in the realm of cryptocurrencies, are not certain. Nevertheless, Shiba Inu’s previous performance, especially its peak in 2021, indicates its capacity for substantial rallies, fueling optimism for its future potential.
