Shiba Inu Poised for a 300% Increase Before Year-end
A well-known crypto analyst and trader, Xanrox, has made a bold prediction regarding the price of Shiba Inu (SHIB) this year. According to Xanrox, the meme coin is expected to experience a significant surge, potentially resulting in a 300% gain before the end of the year. He also provided insights on how investors can take advantage of this movement by suggesting an entry point for those interested in trading SHIB.
In a recent analysis conducted by Xanrox, he expressed his optimistic outlook on SHIB and stated that the โnext profit target is 300% away.โ He emphasized that the meme coin will definitely see further increases later in the year and advised traders to seize the opportunity by catching the bounce and riding the next wave upwards.
An Ideal Investment Level for SHIB
When analyzing SHIBโs chart, Xanrox identified a promising level at which investors could consider entering the market. He pointed out that the 0.618 Fibonacci retracement at 0.00002249 appears to be an excellent investment opportunity for the crypto token. Additionally, he highlighted the importance of employing Elliot Wave technical analysis to gain a comprehensive understanding of the market structure and map out potential uptrends.
Based on these observations, Xanrox recommended that investors either wait for a bullish flag or pattern to form or set their limit order to buy SHIB at a lower price. Shortly after providing this analysis, Xanrox updated his predictions and noted that SHIB only faced one resistance level on its way upโthe current all-time high (ATH) of $0.00008845.
Potential Entry Point for Investors
In addition to his market analysis, Xanrox also shared an entry point for those looking to benefit from SHIBโs upward movement. He advised investors to consider purchasing the coin at 0.0000212995, suggesting that the anticipated 300% gain would likely begin from this point.
Shiba Inu Could Reach a New ATH by July
Xanroxโs accompanying chart hinted at SHIB potentially reaching as high as $0.00008854 by July, surpassing its current ATH of $0.00008845. This surge could be just the beginning of SHIBโs upward trajectory in the current market cycle, as other analysts have also predicted further growth and even the deletion of another zero from its price.
Javon Marks, another analyst, predicts that if SHIB reaches the $0.000081 price range, it could set the stage for a further rise to $0.0001553. Meanwhile, investors will be keeping an eye on Ali Martinezโs prediction that SHIB could rise to $0.000052.
As of now, SHIB is trading at $0.00002794, showing an increase of over 3% in the last 24 hours according to CoinMarketCap data.
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