As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I have learned to take every prediction with a grain of salt and maintain a balanced perspective. The recent analysis by top trader Alan Santana on Shiba Inu’s potential 28% crash piqued my interest, but it doesn’t necessarily align with my personal viewpoint.
With Shiba Inu‘s price unable to break through a significant resistance point, a notable trader has decided to initiate a five-fold short position on SHIB. This move suggests the trader expects a 28% plunge from the current price, implying a bearish outlook that piques interest in the factors driving this prediction.
On late Thursday evening, the price of SHIB fell by approximately 5.8% in the New York after-hours trading session, settling at $0.00001753. This drop erased all the progress made over the last fortnight. The probable cause for this decline is the significant crypto market crash that happened on October 31.
Why Shiba Inu Price Could Drop to $0.00001245
As an analyst, I’ve just reviewed top trader Alan Santana’s analysis on his Tradingview account regarding the potential price movement of Shiba Inu. His insights indicate a possible 28% decrease in the meme coin’s price from its current value.
I have found that, despite the recent surge in SHIB prices, the asset remains confined within a range. Upon attempting to breach the upper limit, the Shiba Inu has been met with resistance and is expected to retreat, aiming for a test of the lower boundary in anticipation of a potential rebound.
Santana’s prediction primarily stems from the behavior of Bitcoin‘s price trend, which appears to be a deceptive bullish surge. There are still three days left in the Bitcoin weekly candle. After hitting $69,586 last week and closing at $68,035, BTC began this week by breaking through resistance, causing investors to feel optimistic.
Despite being only halfway through the week, Santana suggests that Bitcoin’s price may trend downwards and could end the week bearishly. He points out that the fall below $70,000 as a significant indicator. Santana anticipates that the Bitcoin price chart holds certain meanings, with one message indicating that it might enter a correction phase before potentially reaching a new significant high of $102,000.
Will SHIB Price Crash 28%?
From Santana’s perspective, his analysis holds true, but the behavior of Shiba Inu’s price also hints at bullish signs. On a daily scale, the Shiba Inu price appears to be nearing the conclusion of an upward pennant formation. Pennants typically indicate continuation, implying that despite potential further drops in Shiba Inu’s value, the overall trend remains optimistic.
It’s expected that the SHIB price may decrease by approximately 4% to hit its initial support level (S1), which is around $0.000016. If this level is broken, it might find a lower support (S2) at around $0.00001245. Breaking through this level would strengthen Santana’s bearish prediction, potentially causing the price to fall further.
Conversely, if the bulls manage to drive the price beyond resistance levels R1 and R2, it might trigger a 68% surge, potentially taking the Shiba Inu price up to $0.00003450. This would contradict the bearish prediction, making the outlook for Shiba Inu’s price more optimistic.
Read More
- ENA PREDICTION. ENA cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD PHP PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- SHIB PREDICTION. SHIB cryptocurrency
- USD COP PREDICTION
- Red Dead Redemption: Undead Nightmare – Where To Find Sasquatch
- VINU/USD
- Every Obsidian Entertainment Game, Ranked
2024-11-01 09:56