The world of cryptocurrency is ever-evolving, with digital assets like Shiba Inu (SHIB) capturing the attention of investors and analysts alike. Recently, a notable crypto analyst, MadWhale, has forecasted a significant price correction for Shiba Inu, which could present both challenges and opportunities for traders. In this article, we will delve into the details of these predictions and explore the potential future trajectory of SHIB.
Shiba Inu Set for a Potential Price Correction
According to a TradingView post by MadWhale, Shiba Inu may soon experience a major price crash. The analysis suggests that SHIB could fall to a lower Fibonacci support level, which is positioned just above the critical psychological price mark of $0.000020. This potential decline, while concerning, is viewed by the analyst as a healthy retracement that could set the stage for future gains.
Long-Term Bullish Outlook for Shiba Inu
Despite the looming possibility of a price drop, MadWhale maintains a bullish stance on Shiba Inu in the long run. The analyst anticipates a resurgence in price following the expected dip, potentially propelling SHIB to a value of $0.00003200 during the initial phase of recovery. This optimism is fueled by an influx of trading volume and the robust support from a large media platform and community, which bolsters the coin’s market visibility.
Influence of Bitcoin and Dogecoin on Shiba Inu
Shiba Inu’s price dynamics are also closely tied to movements in the broader cryptocurrency market. A price correction for Bitcoin, especially after its recent surge past $90,000, could impact SHIB due to their strong correlation, which is currently at 0.91. Similarly, Shiba Inu has benefited from Dogecoin’s recent parabolic rise, and any downturn in DOGE, as predicted by analysts like Kevin Capital, could similarly affect SHIB.
Potential Year-End Target for SHIB
In a separate analysis, crypto expert Investing Haven has projected that Shiba Inu could reach $0.0000444 by the end of the year. This forecast aligns with the 25% Fibonacci retracement level, suggesting a strategic buying opportunity at previous dips. The October dip to $0.0000144, where buyers emerged at $0.0000158, underscores a bullish pattern that could support further price increases.
Looking Ahead to 2025
Investing Haven further predicts an ultra-bullish outlook for Shiba Inu in 2025, with the potential for SHIB to rally to $0.00007436. Although this target remains below Shiba Inu’s all-time high of $0.000088, other analysts, including Javon Marks, foresee SHIB not only reaching its ATH but potentially surpassing it.
Currently, Shiba Inu is trading at approximately $0.00002642, having seen an 11% increase over the past 24 hours, as indicated by CoinMarketCap data. The crypto market continues to fluctuate, and investors are keenly watching for signs of the next significant move.
