Crypto analyst MadWhale predicts that the Shiba Inu price may soon see a major crash. According to the analysis, this price pullback is just a healthy retracement that could pave the way for SHIB to hit new highs.
Shiba Inu to suffer major price crash
In a TradingView post, MadWhale predicts that Shiba Inu could soon suffer a major price crash. According to the analyst, SHIB could fall further to the next lower Fibonacci support level. The analyst’s accompanying chart shows that this Fibonacci support level is just above the psychological price level of $0.000020.
However, despite the potential price crash, analysts remain bullish on Shiba Inu in the long term. MadWhale said they expect a potential drop to be followed by a re-up, leading to a price recovery and subsequent price gains. The accompanying chart shows that the Shiba Inu price could rebound to $0.00003200 in the first phase of this recovery.
MadWhale also provided insights on why they are bullish on the long-term trajectory of Shiba Inu. Analysts stated that a large amount of trading volume has entered the SHIB market. In addition, they claimed that the meme coin is backed by one of the largest media platforms and communities in the global crypto space, which enhances its influence and market visibility.
A price correction for the Shiba Inu also seems likely, especially if the Bitcoin price corrects after its recent parabolic rally above $90,000. IntoTheBlock data shows that the Shiba Inu has a price correlation of 0.91 with Bitcoin, which indicates a strong positive price correlation between the two assets.
Furthermore, Shiba Inu’s recent rally is also thanks to the parabolic rally in Dogecoin’s price due to their price correlation. Therefore, with crypto analysts such as Kevin Capital predicting that DOGE will see a price drop soon, SHIB may also follow suit.
SHIB may end the year at $0.0000444
In the X post, crypto analyst Investing Haven predicts that Shiba Inu could rise to $0.0000444 by the end of the year. The analyst said that this price target coincides with the 25% Fibonacci retracement level. In addition, Investing Haven noted that a drop to $0.0000144 was forecast in October, with buyers entering at $0.0000158, reinforcing the bullish setup.
Meanwhile, Investing Haven also said that Shiba Inu’s strength bodes very bullishly for 2025. The analyst’s accompanying chart shows that SHIB could rally to $0.00007436 sometime next year. This target is still below Shiba Inu’s current all-time high (ATH) of $0.000088. However, crypto analyst Javon Marks predicts that SHIB will still rally to its ATH and surpass it.
At the time of writing, the Shiba Inu is trading at around $0.00002642, up more than 24% in the past 11 hours, according to CoinMarketCap.
