Pseudonymous crypto analyst and trader Xanrox has predicted a significant price surge that could happen for Shiba Inu (SHIB) this year. The crypto trader also provided an opportunity for investors to profit from this move, as he stated an entry point for those interested in getting on the trade.
Shiba Inu To See A 300% Gain Before Year-end In a recent analysis, Xanrox expressed his bullishness on SHIB and stated that the “next profit target is 300% away.” He further asserted that the meme coin would “definitely go higher later this year” and that what was important was to catch the “bounce and ride the next wave to the upside.”
Looking at SHIB’s chart, the crypto analyst noted that the 0.618 Fibonacci retracement at 0.00002249 looks like a great level to invest in the crypto token. He added that an Elliot Wave technical analysis is also important for such big moves to get an idea of the full picture. That way, one can see the “full market structure and map of the uptrend.”
Therefore, Xanrox suggested that investors wait for a bullish flag or pattern or simply set their limit order to buy SHIB lower. This bullish pattern seemed to form not long after as the crypto trader provided further updates in his analysis, noting that SHIB only had one resistance on the way, and that level was at its current all-time high (ATH) of $0.00008845.
As part of his update, Xanrox also mentioned an entry point for those looking to benefit from this move to the upside. He directed investors to load up their coins at 0.0000212995, suggesting that the 300% move would start from there.
Shiba Inu Could Hit New ATH By July From the accompanying chart Xanrox shared, he hinted at SHIB rising to as high as $0.00008854 by July. That would see the meme coin set a new ATH with its current ATH at $0.00008845. SHIB’s rise to that price level might just be the beginning of its run in this market cycle, as other analysts have predicted that the meme coin could delete another zero.
One of these analysts is Javon Marks, who predicts that SHIB hitting the $0.000081 price range could set the stage for a further rise to $0.0001553. In the meantime, SHIB investors will have their eyes on crypto analyst Ali Martinez’s prediction that the meme coin could rise to $0.000052.
At the time of writing, SHIB is trading at $0.00002794, up over 3% in the last 24 hours according to data from CoinMarketCap.
SHIB price drops to $0.000027 | Source: SHIBUSDT on Tradingview.com Featured image from Coinpedia, chart from Tradingview.com
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Scott Matherson 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.