A prominent trader, known for timely altcoin insights, has suggested that Shiba Inu (SHIB) is poised for a notable price surge, positioning itself as a competitor to Dogecoin (DOGE).
What Is the Forecast for SHIB?
The anonymous trader, Bluntz, recently utilized the social media platform X to express optimism regarding a potential parabolic rise for SHIB. He presented a chart indicating that the price movements of SHIB could mirror those from early 2024.
How Are Trader Predictions Shaping Up?
Bluntz highlighted that SHIB is currently on a strong upward trajectory but has yet to see a definitive breakout. The SHIB/BTC trading pair is exhibiting signs of accumulation at lower levels, hinting at a possible rapid ascent. Additionally, he expressed positive views on the Solana-based memecoin, dogwifhat (WIF).
Bluntz further elaborated on WIF, asserting that it is in the early stages of a five-wave upward trend, with expectations that it could reach values as high as $10. He applies the Elliott Wave Theory, which suggests that an ascending asset typically experiences five waves before a significant upward movement. Bluntz forecasts WIF may climb to $12.
Key insights from Bluntz’s analysis include:
- SHIB is trading at $0.0000266, showing potential for upward movement.
- WIF is currently valued at $2.81, with projections for substantial growth.
- Both memecoins are viewed as having considerable potential for profits.
With these developments, traders are advised to closely monitor the performance of SHIB and WIF as they could present lucrative opportunities in the volatile cryptocurrency market.