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Shiba Inu Price Analysis: Explosive Move Expected, But Correction May Not Be Over Yet

400% Pump For SHIBA INU?
400% Pump For SHIBA INU?

Introduction

In a recent video on the Cheeky Crypto channel, JB provides a technical analysis of Shiba Inu paired with USDT on the Bitget exchange.

Recent Developments and Potential Future Moves

JB discusses the recent five-wave move to the downside, with the price reaching a low around 66.229 on October 19th. He also observes nested five-wave structures, with a strong third wave, which suggests a bullish structure based on Smart Money Concepts.

JB expects a three-wave move to the downside after the five-wave move, with key levels to watch including the 200 hourly EMA and equilibrium around 74.279. He also believes there is potential for an explosive move soon, but warns that short-term volatility tends to drop on weekends.

Anticipated WXY Correction

JB anticipates a possible WXY correction, with targets including retracement levels between 50% and 88% of the initial downside move. He suggests that Shiba Inu may see a push to equilibrium, followed by a potential push to the upside. However, he also cautions that the correction may not be over yet, and a move back to the 200 EMA and equilibrium could be on the horizon.

More Extended Correction Possible

If the correction is more extended, JB believes that Shiba Inu could reach for the 786 Fibonacci level, which would represent a one-to-one retracement. He also notes that the article predicting a 422% pump in October for Shiba Inu appears unlikely to come true.

Weekly Chart Stochastic Position

The weekly chart stochastic position indicates oversold conditions, which could potentially hint at an upside break. However, JB still forecasts lower lows for Shiba Inu, with a potential Z wave target area around 680-404.

Conclusion

JB concludes the video by emphasizing that this is just a technical analysis and not financial advice. He encourages viewers to do their own research and make their own investment decisions.

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