Shiba Inu (SHIB) is a meme coin that has been on a wild ride in recent months. After reaching an all-time high of $0.000086 in October 2021, SHIB has since fallen back to around $0.000007.
However, some analysts believe that SHIB could be poised for a 125% price increase in the near future. In a recent video, technical analyst Nick discussed SHIB’s recent price action and potential for a breakout.
Nick noted that SHIB is currently in a bearish structure on the hourly chart. However, he also pointed out that the hourly chart shows SHIB below the 200 hourly EMA but above the 50 EMA, with a fair value gap that needs to be filled.
This suggests that SHIB could be in the process of completing a three-wave correction. If this is the case, SHIB could then move 125% to the upside, reaching a price of $0.000013.
To confirm this bullish outlook, SHIB would need to get a daily close above the 200 daily EMA and 50 EMA. This would signal that the bulls are in control and that a breakout is imminent.
On the weekly chart, SHIB faces resistance at the 50 EMA. However, Nick expects a bounce to the upside before further potential downside.
Overall, the technical analysis for SHIB is bullish. However, it is important to remember that this is not financial advice. Always do your own research before investing in any cryptocurrency.
Here are some additional things to consider when trading SHIB:
- SHIB is a volatile cryptocurrency, so be prepared for sharp price swings.
- Do not invest more than you can afford to lose.
- Diversify your portfolio by investing in other cryptocurrencies as well.
- Always do your own research before investing in any cryptocurrency.
I hope this article has helped you to understand the potential for a 125% price increase in SHIB. Please remember that this is not financial advice and that you should always do your own research before investing in any cryptocurrency.
