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Cryptocurrency analyst MadWhale predicted that the price of the Shiba Inu could suffer a major collapse soon. Based on the analysis, this price correction is just a healthy bounce that could pave the way for SHIB to… Reach new highs.
The Shiba Inu is experiencing a major price collapse
In a TradingView ShareMadWhale predicts that the Shiba Inu may suffer a major price collapse soon. According to the analyst, SHIB stock may fall further to the next lower level Fibonacci support level. The accompanying analyst chart showed that this Fibonacci support level is just above the psychological price level of $0.000020.
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However, the analyst remains optimistic about the Shiba Inu in the long term despite the possibility of a price collapse. MadWhale stated that they expect a renewed upward movement following a potential decline, leading to… Price recovery And the subsequent price increases. The accompanying chart showed that the price of the Shiba Inu could rise to $0.00003200 in the first phase of this recovery.
MadWhale also provided insight into the reason for its rise Shiba Inu Long Range Track. The analyst stated that a large influx of trading volume has entered the SHIB market. Furthermore, they claimed that the meme coin is backed by one of the largest global cryptocurrency media platforms and communities, enhancing its influence and visibility in the market.
It also appears that a price correction is likely for the Shiba Inu, especially if… Bitcoin price It corrected after its recent parabolic high above $90,000. Data inside TheBlock It shows that the Shiba Inu’s price correlation with Bitcoin is 0.91, indicating a strong positive price relationship between both assets.
Moreover, the Shiba Inu’s recent rise was also thanks to the parabolic rise enjoyed by the price of Dogecoin, due to their price correlation. So, with crypto analysts like Kevin Capital predicting that DOGE will see a price decline soon, SHIB could follow suit as well.
SHIB could end the year at $0.0000444
In one of X’s posts, cryptocurrency analyst Investing Haven speculated that the Shiba Inu could do just that It rises to $0.0000444 By the end of the year. The analyst stated that this price target corresponds to the 25% Fibonacci retracement. Furthermore, Investing Haven noted that October’s expected drop to $0.0000144 triggered buyers to enter at $0.0000158, reinforcing the bullish setup.
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Meanwhile, Investing Haven also reported that the strength of the Shiba Inu indicates a very bullish 2025. The accompanying analyst chart showed that SHIB could rise to $0.00007436 sometime next year. This goal is still below the Shiba Inu’s current level All time high (ATH) With a value of $0.000088. However, cryptanalyst Javon Marks predicted That SHIB will continue to rise to and exceed its ATH.
At the time of writing, the Shiba Inu is trading at around $0.00002642, up more than 11% over the past 24 hours, according to Data From Coin Market Cap.
Featured image created with Dall.E, chart from Tradingview.com
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