The post Analyst Targets $0.00047 Based on Buy Signals appeared on BitcoinEthereumNews.com.

Market analyst Cantonese Cat highlighted Shiba Inu (SHIB) as one of the only ten altcoins currently flashing a buy signal. The market commentator discussed this in one of his recent YouTube analyses, sharing a chart that shows Shiba Inu is now showing promising potential for a massive price rise. Shiba Inu Flashes Buy Signal Cantonese Cat confirmed that the primary indicator backing this bullish sentiment is the “L3 Banker Fund Flow Trend Oscillator,” which has triggered a buy signal for Shiba Inu.  This buy signal is extremely rare, and at the moment, several other crypto are missing it despite the current market conditions. The analyst explained that the last time this signal appeared for SHIB was in July 2023. At the time, Shiba Inu traded between $0.000007 and $0.000008. After this signal, the price remained relatively flat for several months before a substantial rally in February 2024 on the back of the broader market bull run. SHIB experienced a notable price increase, with the $0.000045 peak in March representing 5x gains from the initial buy signal. The chart reveals that Shiba Inu may again be in a position to replicate a similar rally. The chart shows Fibonacci retracement levels that provide a clearer idea of the price targets.  Shiba Inu 1W Chart | Cantonese Cat SHIB Price Targets  The ultimate target for Shiba Inu is at the 1.618 Fibonacci extension level, which sits around $0.00047. Reaching this level could result in a 30x gain. However, the analyst also cautions that while this target is achievable, it would require SHIB to break through strong resistance zones. Looking at the overall market conditions, Cantonese Cat compared the SHIB chart to a broader altcoin market index, excluding major cryptocurrencies such as Bitcoin, Ethereum, and stablecoins.  This index revealed a large “cup-and-handle” formation that…

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Filed under: News - @ October 7, 2024 11:22 am