2024-11-15 22:30 |
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 CrashIn 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.
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 $0.0000444In 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.
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.
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