Top Analyst Says Shiba Inu is Ready to Fly to New ATH
Shiba Inu is showing signs of recovery after a recent correction, with analysts predicting the potential for a momentous price rally anytime soon. According to analyst "Real CryptoRoy" on TradingView, SHIB has likely reached a local bottom, positioning itself for a bullish move in the coming weeks.Shiba Inu Correction Phase May Be Over as Recovery Signs EmergeAfter recently reclaiming an eight-month high of $0.00003330 in December 2024, SHIB entered a correction phase. Its price dropped by approximately 44%, reaching $0.0000186, followed by a rebound to the $0.00002 region.For several weeks, Shiba Inu maintained a tight trading range around $0.00002, struggling to establish strong upward momentum. While Shiba Inu briefly recovered to $0.000024 in the first week of January, it dipped again to below $0.00002.While these price fluctuations were challenging for holders who bought at the top, they presented an attractive entry point for mid-term investors looking to capitalize on Shiba Inu's potential rebound.CryptoRoy acknowledged this perspective in his commentary. He pointed out that the price action on January 13, when Bitcoin dipped to $89K, was particularly significant. Despite Bitcoin creating a new yearly low under $90K, SHIB did not dip below its previous low.For context, Shiba Inu dipped to $0.00001978 on this day but closed above $0.000021. According to CryptoRoy, this higher low indicates strength in Shiba Inus momentum.He also noted that the daily close staying above key support levels suggests the correction may be nearing its end. Specifically, the analyst emphasized that these positive signals point to the possibility of an imminent upward movement.
Text source: The Crypto Basic
