The Wolf of Youtube, a famous crypto analyst, anticipates a Shiba Inu rally to $0.19 based on current dynamics on the meme coin.

The analyst emphasized that while the complexity of the crypto market and past performances might place the target as speculative, current projections could push the meme coin to the level. According to the analyst, cryptocurrency markets have been in winter over the past two years, a phase that tested investor resilience. However, he now conveys optimism, suggesting that the community’s patience and strategic accumulation of cryptocurrencies could soon yield significant returns specifically on SHIB. This comes as some analysts predict a $0.0065 price for the meme coin after the halving.

Highlighting historical data, the analysis pointed to Ethereum (ETH) reaching its all-time high, which he believes could positively affect SHIB’s value. The analyst proposed that Bitcoin (BTC), potentially reaching its all-time high, might similarly energize the entire crypto market. This comes as Bitcoin whales now fill up their bags ahead of the halving event.

Moreover, the analyst addressed cryptocurrencies’ inherent volatility. He cautioned traders to brace for fluctuations in the coming days or weeks. However, despite the unpredictability, he strongly predicted that the next six months could be lucrative for those strategically positioned in the market.

Shiba Inu Price Review: How Is The Meme Coin Looking Today?

Priced at $0.00002319 as of 12:53 p.m. UTC, Shiba Inu had seen a 4.86% increase over the past day based on stats from CoinMarketCap. The charts show that the meme coin has been moving within a specified range, as highlighted by the purple box, signifying a consolidation phase. Should bulls push above the channel’s upper trendline, which is currently acting as resistance, we could see a pump to previous highs. Conversely, should the price break below the channel, we could see a downtrend on Shiba Inu.

1-hour trading volume SHIB/USD Chart | Source: TradingView

On the other hand, the Moving Average Convergence Divergence (MACD) is hovering around the signal line, which can be interpreted as a lack of clear directional momentum. However, it is above the signal line, showing that bulls have control. On the other hand, the Volume Oscillator, standing at 7.01%, does not show a significant divergence from the zero line, which means there hasn’t been a strong surge in trading volume. 

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.