Home Blog Page 1157

Expert Predicts Ethereum Surge to $6,000 After Holding Major Support

Mark Brennan
-
0
Expert Predicts Ethereum Surge to $6,000 After Holding Major Support

Seasoned market analyst Ali Martinez predicts that Ethereum, the second-largest crypto asset, will surge past its all-time high to new prices after holding major support.

Despite Bitcoin being less than 2% away from its all-time high of around $74,000, Ethereum remains miles off its peak price. The altcoin king is 45.21% away from its highest-ever traded price of $4,891, achieved in November 2021.

Notably, Ethereum’s performance gap compared to its caliber assets remains obvious. For context, Bitcoin has appreciated 13.53% and Solana 14.53% in the past 30 days, while Ethereum has managed just 2.21% within the same timeframe.

Ethereum’s recent underwhelming trend saw it retrace to major support at $2,400, the lower boundary of its multi-month ascending channel. Amidst the rebound from the trendline, market expert Ali Martinez has asserted that Ethereum will surge past its previous all-time high to unprecedented price levels in the near term.

Ethereum Poised for Surge to $6,000

In an October 29 post, Martinez shares that Ethereum looks ready for an upside move to the $6,000 price mark after holding a major demand zone. The market expert noted that the altcoin king successfully defending the support at $2,400 signals an impending bullish upsurge.

Notably, Ethereum bounced from an October 26 low of $2,391, surging over 11% from the level to the current market price. With the support preventing further downsides, Martinez asserted that Ethereum will move past its previous high of $4,891 to an all-time high of $6,000.

The price target continues the ascending channel, with Martinez identifying the $6,000 zone as the upper boundary of the asset’s price structure. Notably, a surge to the unprecedented level will entail a 123% surge from the current market price.

Ethereum’s Price Analysis

Meanwhile, The Crypto Basic analysis shows that, in the short-term, Ethereum targets the price range between $2,750 and $2,875 after holding the support. The asset sustainably showed bullish momentum after printing five consecutive green candles.

Furthermore, data from IntoTheBlock shows Ethereum is gaining momentum as on-chain analysis has mostly flipped favorable. The concentration of whale positions turned bullish, signaling expectations of higher prices among large Ethereum holders.

Also, futures market momentum stands at 0.75, indicating that most Ethereum derivative traders are bullish on the second-largest crypto asset. However, the net network and large transaction indicators signal market neutrality.

IntoTheBlock Data
IntoTheBlock Data

At the time of writing, Ethereum trades at 2,684, up 2.39% in the past 24 hours.

As Ethereum Eyes $2,750 Breakout, Analyst Predicts Further 124% Rally for ETH

Albert Brown
-
0
As Ethereum Eyes $2,750 Breakout, Analyst Predicts Further 124% Rally for ETH

With a rising channel on the weekly chart and a short-term spike in buying pressure, will Ethereum cross the $6,000 mark this November?

As the crypto market bull run continues and Bitcoin prepares for a new all-time high, Ethereum shows a V-shaped recovery gaining momentum. Positioned to reach crucial resistance near $2,750, Ethereum is on the brink of a significant breakout rally.

Will the biggest altcoin surpass this critical threshold for a price jump to cross the $3,000 mark? Let’s find out. 

Ethereum Against the Local Resistance 

In the daily chart, Ethereum shows a falling channel pattern. However, the altcoin shows a positive cycle, gaining momentum and ready to challenge the overhead resistance trendline. 

As the underlying dynamics turn bullish, Ethereum’s price action reflects a short-term support trendline. Following a recent bounce from local support, the price has increased by 12.17% from the 7-day low of $2,379.

Ethereum Price Target
Ethereum Price Target

Currently, ETH is trading at $2,668, with an intraday gain of 1.17%. The ongoing recovery has formed five consecutive bullish candles and is approaching the neckline of a high-volume zone ranging from $2,750 to $2,875.

The upper boundary of this supply zone coincides with the 38.2% Fibonacci level at $2,870. Additionally, the overhead resistance trendline of the falling channel pattern presents a crucial barrier.

The increasing trend momentum leads to a positive crossover in the MACD and signal line. Furthermore, the recovery run exceeds the 100-day EMA and teases a potential positive crossover between the 20- and 50-day EMA. Hence, the technical indicators trigger a buy signal for Ethereum. 

A breakout rally surpassing the 38.2% Fibonacci level is likely to challenge the 61.8% level at $3,336. Optimistically, the 100% Fibonacci level near the $4,000 psychological mark is a potential target for Ethereum. Conversely, crucial support levels remain at $2,500 and $2,353.

Analyst Ali Martinez Calls Ethereum Price Target at $6,000

Supporting the Ethereum rally, Ali Martinez, a well-known crypto analyst, recently highlighted a rising channel pattern in a post. This pattern appears on the weekly chart, with Ethereum receiving support from the dynamic average line of the 200-week EMA.

Based on this analysis, Ethereum has found support near the $2,400 range and is likely to challenge the channel’s upper boundary around the $6,000 mark. Notably, from ETH’s current level of $2,668, the asset needs a 124% rally to hit $6,000.

However, the midline near the psychological mark of $4,000 remains a potential checkpoint. Thus, the chances of Ethereum reaching $4,000 have notably increased as the bull market gains momentum.

CryptoQuant Sets New ATH Target for Bitcoin, Predicts Imminent Surge to $84K

Lele Jima
-
0
CryptoQuant Sets New ATH Target for Bitcoin, Predicts Imminent Surge to $84K

Following Bitcoin’s recent rally, CryptoQuant’s head of research Julio Moreno projects that the world’s largest cryptocurrency is nearing a new all-time high (ATH). 

The broader crypto market has been abuzz with Bitcoin’s recent performance, which has resulted in a 7-day growth of 8.6%. Yesterday, the asset attempted to break its all-time high record after surging to $73,562. However, it could not surpass its previous ATH of $73,737, as it plummeted below the $73,000 price level. 

Bitcoin Nearing a ‘Fresh’ ATH 

Currently priced at $72,449, Bitcoin is still within the range of registering a new ATH, with CryptoQuant’s Head of Research echoing this sentiment. 

“Bitcoin is nearing a fresh ATH,” Moreno asserted.  

In an analysis, Moreno shared a chart showing Bitcoin’s Trader on-chain Realized Price Bands. The data revealed different levels of Bitcoin’s price valuations, including a trader’s realized value of $60,364. According to Moreno, the upper band of $84,510 represents Bitcoin’s next target from a valuation perspective. 

Reaching the $84,510 target would mark Bitcoin’s new all-time high, which is 14.61% above the previous record set in March 2024. At press time, Bitcoin must rise by 16.64% from its current price to reach the upper band target of $84,510.  

Bitcoin Dominance Exceeds 60% 

While it remains unclear when Bitcoin might reach this target, BTC has been on an upward trajectory since the beginning of this week. Amid Bitcoin’s latest surge, the global crypto market cap surpassed $2.5 trillion.

Interestingly, Bitcoin’s market dominance exceeded 60% for the first time since March 2021. The premier asset’s dominance surged to 60.14% yesterday at around 21:00 (UTC), according to TradingView data.

Following Bitcoin’s slight retracement, its dominance also dropped to 59.96%. Additionally, Bitcoin’s market cap retraced to $1.43 trillion from its daily peak of $1.45 trillion. 

At the moment, Ethereum (ETH), BNB (BNB), and Solana (SOL) dominate the crypto market by 13.46%, 3.68%, and 3.51%, respectively.

Bitcoin market dominance
Bitcoin market dominance

Meanwhile, several crypto stakeholders remain optimistic about Bitcoin’s prospects. Earlier this week, VanEck’s head of digital asset research, Matthew Sigel, projected that Bitcoin could reach a jaw-dropping target of $3 million in the next 26 years, specifically 2050.

By then, Sigel envisions BTC becoming a global reserve asset, with a 2% central bank allocation. He also projected that Bitcoin could be used in international trade. 

Is TRX Set for a November Surge to $0.20 as Tether Mints $1B on Tron?

Albert Brown
-
0
Is TRX Set for a November Surge to $0.20 as Tether Mints $1B on Tron?

With a bullish channel and an impending breakout at $0.17, will Tron rise to $0.20 in November?

As the ninth biggest cryptocurrency in the crypto market, the TRX token is trading at $0.1677. The project has a market cap of $14.5 billion and has increased by 4.83% in the past 7 days. 

With TRX prices continuing to rise, bulls are eyeing a price target of $0.20. Will buyers reach this psychological mark during the November rally? Let’s explore.

Rising Channel in Tron Aims $0.20

The weekly chart shows Tron forming a rising channel with higher highs and higher lows. According to Fibonacci levels, the uptrend is targeting the 100% Fibonacci level at $0.18442, approaching its all-time high.

Tron Price Chart
Tron Price Chart

Within this rising channel, the altcoin’s price has surged by 274%, climbing from a low of $0.045 to $0.1684. This recovery rally began in mid-November 2022 and has maintained a bullish trend despite minor setbacks.

The recent rounding-bottom breakout near the psychological mark of $0.14 has allowed the TRX price to gain momentum after a minor retest. As the post-retest reversal strengthens, price action analysis indicates a potential jump toward the overhead resistance line above the all-time high.

Tether Mints 1 Billion USDT on Tron

On Tuesday, Tether Treasury minted 1B USDT over the Tron Network to provide enough liquidity in the bull market. At press time, the total supply of USDT stands at $120.5 billion.

The Tron network holds 61.73 billion USDT, making up 51.23% of the total circulating supply. This liquidity boost, combined with improving market sentiment, is fueling Tron’s recovery.

Tron Eyes $0.17 Breakout

On the daily chart, Tron’s price action indicates a post-retest reversal rally challenging the 38.20% trend-based Fibonacci level. Over the past three days, the token has recorded three consecutive bullish candles and is ready to hit the $0.17 mark. 

Tron Price Chart
Tron Price Chart

Supporting the bullish trend, the MACD and signal line give a positive crossover and maintain a bullish rally with a surge in positive histograms. Hence, the chances of Tron reclaiming the $0.20 psychological mark in November have significantly increased. 

Along with the Fibonacci level, the altcoin faces opposition from the supply zone, ranging from $0.1665 to $0.1689. In the shorter term, based on the daily chart analysis, the bull run is likely to face resistance at the 50% and 78.60% Fibonacci levels, positioned at $0.1762 and $0.1959. On the flip side, the crucial support remains at $0.1597. 

Bitcoin Institutional Influx Hits New Highs as Whales Accumulate at Fastest Pace Ever

Elendu Benedict
-
0
Bitcoin Institutional Influx Hits New Highs as Whales Accumulate at Fastest Pace Ever

Data shows crypto whales are accumulating Bitcoin at unprecedented levels as the crypto firstborn’s performance attracts institutional interest.

Bitcoin neared its all-time high of around $73,700 on Tuesday following an over 4% 24-hour surge. The uptrend temporarily saw 100% of Bitcoin holders in profit but was short-lived as the asset has corrected to $72,334 at the time of writing.

Meanwhile, prices are not the only growing metric for Bitcoin. Data confirms that institutional interest in the crypto firstborn has also surged extensively. Analyst Miles Deutscher pointed to the intense Bitcoin accumulation among whales, noting it was their “fastest-ever pace.”

Institutional Interest Outpacing Retail’s

Deutscher noted that institutional investors have indicated pent-up demand for Bitcoin, outpacing that of retail traders. The analyst cited data from CryptoQuant, which shows that whale holdings have surged to a new all-time high.

The blockchain analytics provider revealed that whales now hold their largest-ever stash, stacking up more than 3.3% of Bitcoin’s circulating supply. Per the data, the stash of large Bitcoin wallets has exceeded 670,000 BTC, signaling institutional presence.

Meanwhile, an earlier report confirmed this growing traction, as new whales are on the rise. Per the report, the network saw the addition of 297 new wallets holding 100 BTC and above in two weeks as whales ramped up accumulation.

Big Moves from ETFs Confirm Institutional Presence

Bloomberg’s senior analyst Eric Balchunas confirmed the surging interest among institutional traders, particularly with the uptick in the iShares Bitcoin Trust (IBIT) trading volume on Tuesday. The market expert noted that BlackRock’s Bitcoin fund saw a six-month volume high of $3.3 billion on October 29.

Balchunas attributed the volume spike to a “FOMO-ing frenzy” among institutional investors. He noted that the incessant flows from exchange-traded funds (ETFs) may have sparked a buying spree and expects better inflows in the coming days.

Meanwhile, BlackRock has spearheaded inflows recently as traction to the Bitcoin ETFs has ramped up substantially. After recording a $1 billion inflow last week, the issuer attracted $642 million yesterday, its third-highest inflow since inception.

With BlackRock’s input, the US Bitcoin spot ETF recorded a net inflow of $870 million on Tuesday, the largest since June 5. The investment vehicle now holds $72.55 billion worth of Bitcoin, accounting for 5.07% of the asset’s circulating supply.

Analyst Says Solana Bull Flag Could Lead to 400% Gains, Targeting $829

Albert Brown
-
0

Solana retraces back to the $170 threshold but is forming a bullish flag with targets between $380 and $830, according to an analyst.

On Tuesday, Solana (SOL) reached a significant milestone by surging above the $180 mark, marking its highest level in three months. However, at press time, SOL had returned to the $170 region.

Yet, Solana continues to trade with a notable 14% gain in its monthly performance, reflecting positive market sentiment that aligns with Bitcoin’s rise toward its historical all-time high. In this growth phase, an analyst closely monitors Solana’s performance for further uptrend.

Solana Bullish Patterns and Targets

The analyst, known as Xanrox, has observed the formation of a bullish flag pattern in Solana’s recent price movement. This pattern typically suggests further upward momentum. According to Xanrox, this pattern serves as a continuation signal, indicating that the consolidation phase on the 3-day chart is likely temporary.

From an Elliott Wave perspective, Xanrox noted that Solana’s wave (3) delivered a remarkable 2,600% gain last year, suggesting the potential for more upward movement following wave (4). As Solana aims to complete wave (5), the analyst anticipates a potential gain of 100% to 400% by the end of the year.

Targets and Potential Pullback

From the Fibonacci perspective, the analyst noted that the initial target is set at $383.39, corresponding to the 0.382 Fibonacci retracement level, representing a 119.9% increase from the breakout point. A more ambitious second target of $829.17 aligns with the 0.618 Fibonacci level, indicating a potential gain of 372.77%.

Meanwhile, in a follow-up analysis, Xanrox noted that while Solana remains bullish overall, some weakness is visible on the 4-hour chart. This suggests a possibility of a short-term pullback, with a potential retest of the $147 level before making a move toward a new all-time high.

BINANCE:SOLUSDT Chart Image by Xanrox

Overbought Signals Appear

Additionally, despite the ongoing bullish momentum, technical indicators suggest caution. Solana’s Relative Strength Index (RSI) and the Stochastic Oscillator indicate overbought conditions, signaling a possible price correction.

CryptoQuant
CryptoQuant

With a current value of 71, the RSI is in the overbought zone, typically suggesting potential for a reversal or pause in the uptrend. Similarly, the Stochastic Oscillator at 81.2 also indicates that the current price is close to its two-week high, increasing the probability of a pullback.

Expert Says Cardano ‘Boring’ Phase Ends Here, Pay Attention to This ADA Move

Abdulkarim Abdulwahab
-
0
Expert Says Cardano ‘Boring’ Phase Ends Here, Pay Attention to This ADA Move

Cardano analyst Dan Gambardello predicts the end of ADA’s “boring” phase as it prepares to break out amidst Bitcoin’s recent gains.

Cardano (ADA) has posted a 3.3% gain today, trading at $0.3574. However, at this value, the altcoin remains 2.4% below its weekly high of $0.3669. In contrast, Bitcoin has surged over 8.11% in the past week, reaching a seven-month high of $73,500.

On a monthly timeframe, Cardano holders still face an 8.62% loss, while Bitcoin has risen by 12% over the past 30 days. Amid Cardano’s ongoing struggle to capitalize on Bitcoin’s uptrend, analyst Dan Gambardello has assured ADA holders that the days of ADA’s “boring” performance are coming to an end.

In his latest analysis, Gambardello acknowledged that Cardano has been moving sideways, “doing nothing,” while Bitcoin continues to hit higher highs, approaching its all-time high.

For context, Cardano is down about 88% from its peak, while Bitcoin is just 1.88% away from its all-time high. However, Gambardello emphasized that the behavior observed on the Cardano chart is “incredibly normal.”

Cardano Price Action Consistent with Historical Trend

He pointed out that, compared to the previous cycle, Cardano’s chart may not show much activity right now, but it was at a similar point back then. The analyst noted during the last cycle, Cardano also moved sideways while Bitcoin experienced a breakout.

Specifically, Gambardello highlighted that Bitcoin’s price surged into November in the previous cycle, nearing its all-time high, while ADA was stagnant. “We are seeing a similar situation today: Bitcoin is making progress while ADA remains steady,” he said.

Cardano ‘Boring’ Phase Ends Here

Meanwhile, Gambardello mentioned that toward the end of November 2020, ADA broke above its 20-week moving average, initiating a solid move.  While not immediately parabolic, it stayed above that level for about a month. 

He suggested that the market could witness a similar setup now, with 42 days remaining until the cycle’s “purple line”—just when ADA began to move last time.

Notably, other analysts like Ali Martinez have also acknowledged that Cardano’s bull trend could commence this November, similar to the last cycle, with a potential 23X surge to follow, as history indicates.

“Pay Attention to This ADA Move”

Furthermore, Gambardello urged ADA holders to pay close attention to ongoing signals from technical indicators. He noted that the ADA weekly chart shows bullish indicators aligning: higher lows on the RSI and the MACD signal line crossing, which could signify building momentum for Cardano.

According to Gambardello, the overall bearish sentiment could flip as these signals gain traction, combined with the powerful narrative surrounding Cardano’s integration with BitcoinOS.

Gambardello stressed that he has followed these cycles since 2018, and the charts have “remained consistent.” He reiterated that while Cardano is currently down around 88%, its performance at this stage in the last cycle when it was down 90%, is similar. 

“It’s worth preparing for the possibility of a similar setup now, even if nothing is guaranteed,” he said.

Will a Flag Breakout Rally Boost SUI by 52% to Hit $3.112?

Albert Brown
-
0
Will a Flag Breakout Rally Boost SUI by 52% to Hit $3.112?

Will SUI reach $3 now that the pullback phase has concluded and a flag breakout rally could extend to 30%?

As the top performer among the top 100 coins, SUI has increased by 12.89% in the past 24 hours. Currently, SUI is trading at $2.08, having reclaimed the psychological threshold, with a market capitalization of $5.74 billion.

Could SUI hit the $3 mark if technical indicators signal a bullish trend and a breakout rally occurs within a shorter time frame?

SUI Flag Breakout Rally Crosses $2

In the 4-hour time frame, SUI’s price action has shown several days of consolidation during a period of heightened market volatility. The recent pullback accounted for a decline of nearly 32%, dropping from a peak of $2.36 to a low of $1.60.

COINBASE:SUIUSD Chart Image by Trojan69420

However, following a surge in Bitcoin’s price, SUI has surpassed the $2 mark, resulting in a quick V-shaped recovery. This recovery has seen a price jump of 30%, rising from $1.60 to $2.08.

Additionally, the short-term resistance trendline established during the pullback phase has been unable to impede bullish growth. Hence, with the conclusion of a pullback, the SUI price action reveals a bullish flag breakout rally. 

The 4-hour Relative Strength Index (RSI) is nearing the overbought zone, suggesting a saturation of buying pressure. Consequently, a minor pullback to retest the broken 23.60% level is possible.

Meanwhile, as the bullish influence has significantly increased, the 50 and 100 EMA in the 4-hour chart are ready for a bullish crossover. Thus, this increases the likelihood of these crucial EMAs regaining a bullish alignment.

Will SUI Cross The $3 Threshold?

Using the trend-based Fibonacci level over the flag pattern, SUI trades above the 23.60% Fibonacci level at $1.97. However, the uptrend is struggling to gather momentum to reach the 38.20% level at $2.1963. 

Based on the retracement tool, the SUI price will likely reach the 50% Fibonacci level at $2.3712, the peak of the resistance trendline. Meanwhile, the potential target for the bull run remains at $3.1125, the 100% Fibonacci level.

Notably, from SUI’s current price of $2.04, reaching $3.112 would amount to a 52.4% gain. However, before the optimistic target, a crucial resistance is present at $2.79 or the 78.60% Fibonacci level.

Analyst Shares Shiba Inu 2024 Final Prediction, Says SHIB Breakout is Imminent

Lele Jima
-
0
Analyst Shares Shiba Inu 2024 Final Prediction, Says SHIB Breakout is Imminent

Prominent Shiba Inu community figure and analyst Oscar Ramos forecasts an imminent breakout for SHIB, revealing the asset’s end-of-year targets.  

With just two months left before the end of 2024, crypto investors are eager to know the fate of their favorite assets, like SHIB. Amid this anticipation, Ramos provided a detailed analysis, highlighting Shiba Inu’s potential by the end of 2024. 

ChatGPT End-of-Year Prediction for Shiba Inu

During his analysis, the Shiba Inu community figure referenced artificial intelligence ChatGPT-4o’s 2024 final prediction for SHIB. According to Ramos, the AI chatbot forecasted that Shiba Inu could end 2024 with a significant rally or decline. 

Although ChatGPT issued the prediction on October 24, Ramos shared the forecast with his X followers earlier today. He noted that ChatGPT-4o issued two separate predictions for Shiba Inu under bearish and bullish cases. 

For the bearish case, the chatbot projects that Shiba Inu might end 2024 with a 71% drawdown, potentially plunging its price to $0.000005. 

Conversely, the AI chatbot forecasts that Shiba Inu’s price could increase by 76% by year-end, potentially taking it above $0.00003. Per ChatGPT, factors that could drive SHIB to reach its end-of-year target of $0.00003 include adoption, market sentiment, and Shibarium development. 

Oscar Embraces ChatGPT Bullish Prediction  

Reacting to the prediction, Ramos rejected the chatbot’s bearish forecast, emphasizing that he does not see Shiba Inu plunging below $0.00001 by the end of 2024. 

“Shiba Inu rejected $0.00001 a few weeks ago,” he remarked. 

The analyst also pointed out that Shiba Inu remained above the $0.000015 mark despite the rising geopolitical tension in the Middle East and the recent WSJ report about Tether. 

Notably, Ramos embraced the bullish prediction, noting that the upcoming U.S. presidential election and other macroeconomic factors could create a favorable condition for a rally in the last two months of 2024. 

Shiba Inu Could Rally in November 

Furthermore, Ramos predicted that November, which he called MOONvember, would pave the way for a Bitcoin rally, benefiting altcoins like Shiba Inu. According to him, investors’ expectations of a PUMPtober (October) rally did not come to fruition. Hence, he expects November to be the month when cryptos like SHIB surge tremendously. 

In his view, Bitcoin would surpass its previous all-time high record of $73,737. He suggested this rally would positively impact the altcoin market, leading to a surge in SHIB’s price. 

SHIB to Surge to $0.00006 

To further demonstrate his confidence in SHIB, he shared Shiba Inu’s price chart, projecting that the asset could soon reach a target of $0.00006. 

SHIB potential surge to $0.00006
SHIB potential surge to $0.00006

At the current price of $0.00001898, Shiba Inu must surge 216.12% to hit the $0.00006 target. In the meantime, SHIB is up 3.8% over the past 24 hours and 5.7% in the last seven days at press time. 

Analyst Identifies Bullish Shiba Inu Head and Shoulders Pattern: Here are 3 Upside Targets

Sam Wisdom Raphael
-
0
Analyst Identifies Bullish Shiba Inu Head and Shoulders Pattern: Here are 3 Upside Targets

Shiba Inu (SHIB) may be laying the groundwork for a bullish push as market analyst Alex Clay highlights an Inverse Head and Shoulders pattern on the daily chart. 

According to the chart, this pattern, which often signals trend reversals, indicates that SHIB could be on the brink of an upward breakout. Clay has identified three specific price targets that Shiba Inu may reach if this pattern plays out.

Typically, an inverse head and shoulders pattern features three troughs, with the middle being the lowest, representing the “head,” while the other two form the “shoulders.”

The Shiba Inu Inverse Head and Shoulders Pattern 

Clay’s chart points out Shiba Inu’s price movements since June, which led to the formation of each structure. Specifically, Shiba Inu collapsed from the $0.000019 region in late June to a low of $0.00001266 on July 5, and then recovered to $0.000019 two weeks later. These movements formed the left shoulder.

Shiba Inu Inverse Head and Shoulders Alex Clay
Shiba Inu Inverse Head and Shoulders | Alex Clay

Meanwhile, Shiba Inu recorded another slump from $0.000019 to a deeper bottom of $0.00001078 on Aug. 5. From this low, it staged a second recovery to cross the $0.000019 level by late September. This marked the formation of the head, with the $0.000019 becoming the neckline.

Further, the bearish push that ensued at the start of October resulted in another correction for Shiba Inu. The dog-themed token collapsed to the $0.000015 region in early October. However, it is now leveraging the ongoing market recovery to break above the $0.000019 neckline and form the right shoulder.

SHIB has recorded four consecutive intraday gains since Oct. 26, when the latest recovery began. Currently trading for $0.00001881, Shiba Inu would need to decisively close above the neckline at $0.000019 to complete the formation of the inverse Head and Shoulders struct.

SHIB Price Targets

Clay has identified three upside targets for SHIB if it successfully breaks above the neckline resistance. The first target is set at $0.00002830. This target coincides with the 0.5 Fibonacci retracement level, a major resistance point. 

The second target is at $0.00003235, corresponding with the 0.618 Fibonacci retracement level. The third and final target, $0.00003820, aligns with the 0.786 Fibonacci retracement level. This target is the highest level on the chart, indicating a peak that Shiba Inu could reach if bullish momentum persists.

1...1,1561,1571,158...2,662Page 1,157 of 2,662