As Shiba Inu recovers most of its losses in the past two weeks, prominent market watcher Xanrox has predicted a 300% upswing for SHIB this year.
The analyst has issued a favorable prediction for Shiba Inu, speculating that the asset could surge 300% later this year.
Xanrox’s Analysis
In a recent analysis, Xanrox urged investors to capitalize on Shiba Inu’s current low price to benefit from a potential upswing
They made their analysis using the popular trading tool Fibonacci retracement. For the uninitiated, the tool helps traders identify the possible resistance and support level of any asset, like SHIB.
Notably, the idea behind the Fibonacci retracement tool is that the markets will recede a predictable portion of a move before resuming their movement in the initial direction.
Using the tool, Xanrox highlighted $0.00002250 as a suitable price point to acquire Shiba Inu before its next wave.
Furthermore, the analyst stressed the significance of utilizing Elliott Wave technical analysis, which helps forecast future price changes by recognizing repetitive wave patterns regarding market prices.
