A leading cryptocurrency analyst is predicting that Shiba Inu, the meme-inspired digital token, may surge by 300 percent in 2024 after a rocky start to the year.
The bold forecast comes from Xanrox, a pseudonymous market watcher with a large following among crypto traders. In a recent analysis, Xanrox made the case that Shiba Inu is positioned for a major rebound from its current depressed price levels.
“Investors would be wise to take advantage of SHIB’s low price to position themselves for the potential upswing ahead,” Xanrox wrote. “My analysis points to a 300% rally from current levels before the year is out.”
Using Technical Analysis Tools
Xanrox relied on two popular technical analysis tools – the Fibonacci retracement and Elliott Wave Theory – to chart Shiba Inu’s potential path higher.
The Fibonacci retracement tool identifies possible resistance and support levels for an asset by tracking its price retracements after rallies and sell-offs. Applying this technique, Xanrox pinpointed $0.00002250 as an attractive entry point for investors looking to buy Shiba Inu ahead of the predicted rally.
Xanrox also utilized Elliott Wave Theory, which forecasts future price movements by identifying repeating patterns in market pricing data. The analyst said closely monitoring wave patterns like the “bullish flag formation” would give traders better visibility into ideal times to buy Shiba Inu.
“Combining Fibonacci retracement analysis with Elliott Wave insights provides a comprehensive technical roadmap,” Xanrox explained. “Investors using both will be well-positioned to optimize their Shiba Inu trading strategy.”
Recovering from Steep Losses
The bullish call comes as Shiba Inu claws back ground after plunging over 30% in value earlier this month amid a broader cryptocurrency market downturn. The token currently trades around $0.00003050, still down a staggering 65% from its all-time high reached in October 2021.
Xanrox sees a solitary major resistance level around $0.000081 standing in Shiba Inu’s path to potential new all-time highs above $0.0001553 – should the predicted 300% rally fully materialize.
Shiba Inu has surprised before, spiking over 5,000% during a meme coin speculative frenzy in 2021 before crashing back down. But volatility cuts both ways, and bullish projections like Xanrox’s are far from guarantees in the notoriously unpredictable crypto markets.
Still, the dog-themed coin boasts a passionate community of backers. And if technicals align as foreseen, Shiba Inu may yet have another jaw-dropping price run in store before 2024 is over.
With volatility endemic to cryptocurrency markets, any predictions – even from prominent analysts – should be viewed with appropriate caution. But Shiba Inu’s raucous price history shows it is indeed capable of shocking rallies when market conditions shift in the meme token’s favor.
