Eunice Wong, a well-known crypto trader, has made a bold prediction about the future of Shiba Inu. Wong believes that the cryptocurrency could experience a significant rally, driving its value up by 409% to $0.000125. This projection is based on Wong’s analysis of Shiba Inu’s candlestick patterns over the past two months.
In March, Shiba Inu saw a remarkable surge, growing by over four times and re-entering the $0.000045 channel for the first time in three years. This impressive growth happened in just five weeks, starting from the $0.0000089 range in early February. Wong’s update includes a chart that clearly shows these towering candlestick patterns.
However, after this initial surge, Shiba Inu faced resistance from bearish investors and dropped back down to the $0.000018 price level. It has since recovered some lost ground and is currently trading at $0.0000246. Wong and other market watchers believe that this recovery is setting the stage for a second leg of aggressive bull rally.
The accompanying chart in Wong’s analysis suggests that Shiba Inu could repeat the 409% rally seen between February 1 and March 5, which is considered the cryptocurrency’s “first leg.” Another community analyst, SHIB Knight, also predicts an upsurge of 115% for Shiba Inu, with a target of reclaiming the $0.000055 price level.
If Shiba Inu were to reach Wong’s projected price of $0.0001252, it would be a significant milestone for the cryptocurrency, as its peak in 2021 was $0.00008845. However, it’s important to note that the journey to this price level may not be a smooth one, and there could be dips along the way.
As for profit-taking targets, Wong has not yet responded to inquiries. However, another analyst called “Prof Noan” recently suggested four profit-taking targets, which align with risk management practices. It’s worth noting that there is a possibility of Shiba Inu dropping below $0.00002244.
It’s important to remember that this article is for informational purposes only and should not be considered financial advice. Readers are encouraged to conduct thorough research before making any investment decisions. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. The Crypto Basic is not responsible for any financial losses that may occur.