SHIB Price Analysis: Shiba Inu Correction Likely Over With a 200% Jump On Horizon

The post SHIB Price Analysis: Shiba Inu Correction Likely Over With a 200% Jump On Horizon appeared first on Coinpedia Fintech News

Despite the high crypto volatility YTD, the second largest meme coin by market capitalization and daily traded volume, Shiba Inu (SHIB), has undeniably oscillated between the same price it opened the year. According to the latest crypto market data provided by Coingecko and TradingView, Shiba Inu’s price has dropped approximately 4 percent year to date to trade around $0.00000831 on Wednesday. 

The hype surrounding the Shibarium layer two scaling solution has had a significant impact on the Shiba Inu price action, more so in the past few weeks. Notably, Shiba Inu price rallied before lead developer Shytoshi Kusama announced the official launch of Shibarium. However, the meme coin has since retraced following the general crypto bearish outlook and the chaotic Shibarium launch.

Shiba Inu Price Analysis

According to a popular crypto analyst on TradingView with over 120k followers, Alan Santana, Shiba Inu’s price is well positioned for another 200 percent rally in the coming months. Arguably, the analyst noted that Shiba Inu’s price has already bottomed out and is more likely to continue in an Elliott wave principle.

“The interesting part here and what constitutes a reversal signal is the fact that the 17-Aug. the candle closed above 0.618 Fib., as mentioned above, and the candle that followed five days later, 22-Aug., ended as a Doji with a long lower wick and closing green. This Doji reversed before hitting the 0.618 support,” Alan Santana noted.

The analyst further supported Shiba Inu’s bullish stance from the fact that the meme coin’s volume has remained high despite the August 17 dip. As a result, Alan Santana highlighted that the Shiba Inu correction is over and the bulls are in control.