After experiencing a significant rise followed by a high drop earlier in March, SHIB has exhibited signs of resilience, prompting prominent market analyst Xanrox to issue a bullish prediction.
In a recent analysis on TradingView, Xanrox recommended that investors consider Shiba Inu’s current price point as a possible entry opportunity for a future upswing. The analyst leveraged the Fibonacci retracement tool, a popular technical indicator used by traders to identify potential support and resistance levels.
The Fibonacci retracement tool operates under the assumption that markets will retrace a predictable percentage of a previous price move before continuing their original direction. Utilizing this tool, Xanrox pinpointed $0.00002250 as a strategic price point for acquiring SHIB before a potential price increase. The chart also shows his target at $0.00006619.
Elliott Wave Theory Bolsters Bullish Case
Xanrox’s analysis extends beyond Fibonacci retracement. The analyst also emphasizes the significance of Elliott Wave theory, a technical analysis framework that forecasts future price movements by recognizing recurring wave patterns in market trends.
Another prominent analyst recently predicted a surge for XRP through Elliott Wave Theory. By employing both Fibonacci retracement and Elliott Wave analysis, investors can gain valuable insights into potential entry points and identify bullish signals like the bullish flag formation highlighted by Xanrox.
Shiba Inu Exhibits Recovery After Market Downturn
It’s important to acknowledge Shiba Inu’s recent price performance. The token displayed notable strength earlier in March, rallying to around $0.00004456. However, a broader market correction caused SHIB’s price to plummet to around $0.000024 on March 20.
Shiba Inu is on a gradual path to recovery, regaining some of the losses incurred during the market downturn. SHIB is trading at $0.00002963, down 2.96% over the past 24 hours.
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Analyst Outlines Potential Price Trajectory
While Shiba Inu remains considerably lower than its all-time high of $0.00008845 recorded in October 2021, Xanrox suggests the token faces only one significant hurdle on its potential upward trajectory. Breaching the $0.000081 resistance level could pave the way for a new all-time high of $0.0001553, according to the analyst’s prediction.
However, Shiba Inu has a proven track record of significant price surges. Notably, the token experienced a meteoric rise in 2021, reaching its all-time high of $0.00008845. Referencing historical performance also adds weight to the possibility of future growth.
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