Shiba Inu Ready for Breakout: Analyst Targets $0.00047 Based on Buy Signals
thecryptobasic.com 07 October 2024 10:30, UTC Market analyst Cantonese Cat highlighted Shiba Inu (SHIB) as one of the only ten altcoins currently flashing a buy signal.
The market commentator discussed this in one of his recent YouTube analyses, sharing a chart that shows Shiba Inu is now showing promising potential for a massive price rise.
Shiba Inu Flashes Buy Signal
Cantonese Cat confirmed that the primary indicator backing this bullish sentiment is the “L3 Banker Fund Flow Trend Oscillator,” which has triggered a buy signal for Shiba Inu.
This buy signal is extremely rare, and at the moment, several other crypto are missing it despite the current market conditions. The analyst explained that the last time this signal appeared for SHIB was in July 2023. At the time, Shiba Inu traded between $0.000007 and $0.000008.
After this signal, the price remained relatively flat for several months before a substantial rally in February 2024 on the back of the broader market bull run. SHIB experienced a notable price increase, with the $0.000045 peak in March representing 5x gains from the initial buy signal.
The chart reveals that Shiba Inu may again be in a position to replicate a similar rally. The chart shows Fibonacci retracement levels that provide a clearer idea of the price targets.
SHIB Price Targets
The ultimate target for Shiba Inu is at the 1.618 Fibonacci extension level, which sits around $0.00047. Reaching this level could result in a 30x gain. However, the analyst also cautions that while this target is achievable, it would require SHIB to break through strong resistance zones.
Looking at the overall market conditions, Cantonese Cat compared the SHIB chart to a broader altcoin market index, excluding major cryptocurrencies such as Bitcoin, Ethereum, and stablecoins.
This index revealed a large “cup-and-handle” formation that could lead to massive gains. The altcoin index has recently broken out from this handle pattern after a retest of the trendline, a positive sign for altcoins like Shiba Inu.
Moreover, Cantonese Cat indicated that Shiba Inu could surpass its all-time high if it continues to follow the bullish momentum suggested by the current setup. While he expects a breakout above the projected resistance arcs to propel SHIB toward $0.00047, he believes this scenario remains speculative.
The chartist was cautious in his projections, noting that such a move might be overly optimistic in the near term. Instead, he emphasized more conservative expectations, with the 10x gain being a more realistic outcome in a rally to $0.000139.
At the reporting time, Shiba Inu has gained 7% over the past 24 hours to change hands at $0.00001855. The market analyst confirmed that altcoins such as Ethereum, Solana, XRP, and Dogecoin are not exhibiting similar buy signals.
