Crypto Analyst Predicts Major Price Crash for Shiba Inu
Crypto analyst MadWhale has predicted a potential significant price crash for Shiba Inu (SHIB). This correction is characterized as a healthy retracement that may allow SHIB to reach new highs.
Shiba Inu Price Crash Prediction
In a TradingView post, MadWhale indicated that SHIB could decline further to the next lower Fibonacci support level, positioned just above the psychological price level of $0.000020.
Despite this outlook, MadWhale remains bullish on Shiba Inu's long-term prospects. The analyst expects a recovery following the anticipated dip, projecting a rally to $0.00003200 in the initial recovery phase. Factors supporting this positive view include increased trading volume and backing from significant media platforms and communities within the crypto space.
A price correction appears likely for Shiba Inu, particularly if the Bitcoin price experiences a pullback after its recent surge past $90,000. Data from IntoTheBlock indicates a strong correlation (0.91) between SHIB and Bitcoin prices. Additionally, recent gains for Shiba Inu are attributed to Dogecoin's price rally, with predictions of a potential drop for DOGE suggesting a similar fate for SHIB.
Year-End Price Forecast
Analyst Investing Haven forecasts that Shiba Inu could rise to $0.0000444 by year-end, aligned with the 25% Fibonacci retracement level. The analyst noted that October's predicted dip to $0.0000144 saw buyer interest at $0.0000158, signaling a bullish trend.
Investing Haven also highlighted Shiba Inu’s strength as indicative of an ultra-bullish 2025, predicting a potential rally to $0.00007436 next year. While this target remains below SHIB's all-time high (ATH) of $0.000088, analyst Javon Marks believes SHIB will surpass its ATH.
As of now, Shiba Inu is trading at approximately $0.00002642, reflecting an increase of over 11% in the past 24 hours, according to CoinMarketCap.
