Shiba Inu Price Set To Rally Over 2430% To $0.000047 As Trend Oscillator Turns Bullish
08 Outubro 2024 - 6:30PM
NEWSBTC
The price of Shiba Inu might be currently declining, but an analyst
says the meme coin is gearing up for a bullish run as it is
currently flashing a buy signal. According to Cantonese Cat, SHIB
is now flashing a strong buy signal based on the L3 Banker Fund
Flow Trend Oscillator, a relatively lesser-known indicator.
In a detailed breakdown shared via a YouTube video, Cantonese Cat
explored SHIB’s recent price action in conjunction with this
oscillator, revealing that it is ready for at least a 5x move to
its all-time high, up until a bigger 2430% increase to a target of
$0.00047. Shiba Inu Flashes Buy Signal Cantonese Cat’s latest
analysis on Shiba Inu offers an interesting angle to the meme
coin’s price action alongside other altcoins. The video in which he
shared his analysis covers the current SHIB movement in relation to
the larger altcoin market. As such, the analyst notes that Shiba
Inu is one of ten cryptocurrencies among Optimism, Avalanche,
Cardano, Chainlink, Boba Network, COTI, Amp, Cartesi, and
Injective, which are all flashing a buy signal with the L3 Banker
Fund Flow Trend Oscillator. Related Reading: Solana-Based
MYRO Next In Line For $1 Billion? Why A 200% Surge To $0.2 Is
Possible The L3 Banker Fund Flow Trend Oscillator is a technical
indicator used to analyze the flow of capital in and out of
cryptocurrencies among large market participants. A detailed
analysis of SHIB’s price action with this indicator shows that this
buy signal is extremely rare. The last time it flashed a buy signal
for SHIB was in July 2023. At that time, SHIB was trading below
$0.000008. What’s more interesting is that even though the buy
signal appeared then, SHIB’s price continued to consolidate for
another six months before finally experiencing a strong rally in
February 2024 during the broader crypto market upturn. Fast forward
to October 2024, and SHIB is now showing another sign of a bullish
rally with the L3 Banker Fund Flow Trend Oscillator. SHIB Price
Targets To Expect Although the buy signal is derived from the
banker fund oscillator, the analyst uses Fibonacci levels to
predict potential targets when the breakout eventually occurs. The
first target is the 1 Fibonacci extension level, which aligns with
SHIB’s current all-time high of $0.0000884. He also noted an
ultimate “crazy target” for those anticipating a bigger surge. This
ultimate target is at the 1.618 Fibonacci extension level, which
aligns with $0.00047. Related Reading: Here’s Where We Are In
The Bitcoin Bull Cycle According To The Wall Street Cheat Sheet
Reaching this price would require SHIB to break through multiple
resistance levels, both before and after surpassing its all-time
high. Achieving this “crazy target” would represent a 2,430%
increase or approximately a 30x jump from the current price level.
Cantonese Cat suggests that this target could be achieved by August
or September 2025, although he admits this is a highly ambitious
target. According to him, a more feasible target is a 10x run from
the current SHIB price. At the time of writing, SHIB is trading at
$0.00001733 and is down by 6% in 24 hours. Featured image
created with Dall.E, chart from Tradingview.com
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