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Popular crypto chartist CryptoAmsterdam encourages investors to see every price decline registered by Shiba Inu as an opportunity to acquire more SHIB tokens.
CryptoAmsterdam made the recommendation yesterday while updating their previous forecast for Shiba Inu, issued on September 30. At the time, the analyst indicated that ‘Stage 4’ was printed on the higher time frames of Shiba Inu’s chart, setting the stage for a potential upward trend.
Following the printing of Stage 4 on the chart, CryptoAmsterdam said Shiba Inu formed a ‘mini-cycle structure,’ which propelled SHIB to a “macro range high.”
Amid these developments, the chartist encouraged caution, urging investors to wait for two key signals. They include SHIB’s break above the corrective mini-range level of $0.25 or a false breakout that could confirm the authenticity of the move.
Fresh Update
Since CryptoAmsterdam issued the analysis on September 30, Shiba Inu has made some major moves, including surging to a 7-month high of $0.00003031. Hence, the analyst updated the analysis, emphasizing that SHIB has completed the mini-cycle formed as of November 30.
According to CryptoAmsterdam, Shiba Inu recently completed the mini-cycle structure following its recent price increase. Interestingly, they expect Shiba Inu to continue its upward trend.
However, the expert echoed that Shiba Inu’s “dips are for buying,” suggesting that every short-term dip presents an opportunity to acquire more SHIB in anticipation of an imminent price surge.
$SHIB
The corrective mini-cycle structure is completed with a nice run-up.
Expecting higher time frame continuation, dips are for buying. https://t.co/ziFPK7Nf1Q pic.twitter.com/sZTcpzXCwP
— CryptoAmsterdam (@damskotrades) November 11, 2024
Shiba Inu’s Incredible Performance
November, which Shiba Inu’s lead Shytoshi Kusama referred to as GrowVember, has been favorable to multiple crypto assets, including SHIB. Shiba Inu’s rally commenced in early November after the United States re-elected pro-crypto president Donald Trump.
Notably, SHIB has surged 59% month-to-date (MTD), 65.4% in the past seven days, 64.5% in the past month, and 182.7% year-to-date (YTD). Shiba Inu, which surged to a 7-month high of $0.00003031 earlier today, is changing hands at $0.0000289.
Following this remarkable performance, Shiba Inu now ranks among the top 10 cryptocurrencies by market cap. It achieved the feat after flipping Avalanche (AVAX). Currently, Shiba Inu is the 10th biggest cryptocurrency, boasting a valuation of $17.09 billion.
Given Shiba Inu’s rally, famous crypto expert Oscar Ramos projected that SHIB would soon reach a market cap of $100 billion. Notably, if the $100 billion projection becomes a reality, SHIB could trade at $0.0001697.
In the meantime, investors must exercise caution when trading in the ongoing bull run, as massive volatility could arise in the coming days.