Shiba Inu Price Set To Rally Over 2430% To $0.000047 As Trend Oscillator Turns Bullish
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 SHIBs 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 Cats latest analysis on Shiba Inu offers an interesting angle to the meme coins 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.
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 SHIBs 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. Whats more interesting is that even though the buy signal appeared then, SHIBs 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 SHIBs 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.
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.
Read more: https://www.newsbtc.com/news/shiba-inu-coin/shiba-inu-price-set-to-rally/
Text source: NewsBTC
