Widely followed crypto trader Eunice Wong has projected a second-leg rally that could drive Shiba Inu by 409% to $0.000125.
Wong issued this call on X after observing Shiba Inu’s candlestick patterns over the past two months in the 24-hour timeframe. The chart depicts Shiba Inu’s remarkable upswing in March, when it grew by more than four times to re-enter the $0.000045 channel for the first time in three years.
Shiba Inu First Leg
Notably, Shiba Inu orchestrated this four-fold growth in about five weeks from the $0.0000089 range in early February, as evidenced by the towering candlestick patterns visible in the chart accompanying Wong’s update.
Meanwhile, following the aggressive move, SHIB battled bearish resistance for the subsequent weeks. Emphatically, the bears returned Shiba Inu to the $0.000018 price level this month.
However, SHIB reconquered some lost territories and now trades at $0.0000246 at press time. Amid this recovery, prominent market watchers like Wong believe Shiba Inu is getting set for a “second leg” aggressive bull rally.
Same as $SHIB
Second leg coming. Position ready pic.twitter.com/kouRj1xhMv— Eunice D Wong 🦄 (@Eunicedwong) April 23, 2024
Second Leg Aggressive Bull Taking SHIB to $0.000125
Notably, the accompanying chart suggests the analyst’s anticipation of Shiba Inu repeating the 409% rally witnessed between February 1 and March 5, considered SHIB’s “first leg.”
Meanwhile, community analyst SHIB Knight earlier weighed in on Shiba Inu’s potential second leg. In his analysis, he projected a 115% upsurge for Shiba Inu following the extended downtrend. SHIB Knight expects Shiba Inu to reclaim the $0.000055 price level in the second comeback.
Considering SHIB trades at $0.0000246, should the token soar by another 409%, it could potentially hit $0.0001252. This price would mark an unprecedented level for Shiba Inu, given its 2021 peak is stationed at $0.00008845.
Wen to Take Profit?
Community member Emran Uddin recognized that the journey to $0.0001252 may not be a bullish ride all the way. Accordingly, Uddin asked Wong to suggest potential profit-taking targets.
However, at press time, the analyst has not responded to this inquiry. Meanwhile, The Crypto Basic reported four recommended profit-taking targets proposed by analyst “Prof Noan” two days ago.
This analyst emphasized that the targets align with suitable risk management practices investors may employ upon the re-emergence of Shiba Inu bulls. Nonetheless, he warned of the likelihood of a dip that takes Shiba Inu below $0.00002244.
