Daink, a cryptocurrency market analyst and trader, has revealed his strategy for Shiba Inu, projecting a forthcoming rally to its highest point in 2021, surpassing $0.000088.
This latest analysis comes amid an ongoing downturn in the market, which has particularly affected Shiba Inu. As June comes to a close, SHIB has experienced a significant decline of 32.87% this month. This could potentially make it the worst performing month for SHIB since the Terra implosion in May 2022.
The bearish condition of Shiba Inu can largely be attributed to the persistent selling pressure on Bitcoin (BTC). However, Bitcoin has only dropped by 10% this month, indicating greater resilience. SHIB, on the other hand, has experienced a steeper drop due to its higher volatility, which may prove beneficial during an upward trend.
According to data from Santiment, Shiba Inu’s volatility has consistently exceeded that of Bitcoin over the past week. While Bitcoin’s weekly volatility stands at 0.021, SHIB’s weekly volatility remains at 0.025, despite a significant decrease. This period of reduced volatility for SHIB often precedes a price rally, and Daink intends to capitalize on this opportunity. In fact, a similar drop in volatility occurred in February before the previous SHIB uptrend. Daink has consequently purchased a long-term position in Shiba Inu.
Daink’s investment strategy involves acquiring and holding SHIB for an extended period of time until the target price level is achieved. The trader’s chart indicates an expectation for Shiba Inu to reach a level above the $0.000088 threshold, which represents its all-time high in October 2021. Currently, Shiba Inu has found stability at the $0.000017 support level, consolidating in this range for the past five days. To reach the $0.000088 target, SHIB would need to spike by 416%, potentially turning a $1,000 investment into $5,161.
Interestingly, data from IntoTheBlock reveals that Daink’s long-term investment strategy is also favored by most Shiba Inu investors. According to on-chain data, 1.03 million addresses, accounting for 76.8% of the total 1.34 million SHIB addresses, have held their tokens for over a year. This figure has increased from 1.02 million just 10 days ago.
Despite the ongoing market downturn, this impressive investor confidence remains intact. Many market observers anticipate a forthcoming surge for Shiba Inu once the correction comes to an end, contributing to the overall optimism. In fact, analyst Javon Marks previously predicted a price surge to the $0.000088 territory.
It is important to note that this content is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions, and The Crypto Basic assumes no responsibility for any financial losses incurred.