- Crypto trader Rafaela Rigo buys more SHIB amid recent dip.
- Rigo stands on an earlier prediction that SHIB is set to rally.
- SHIB’s setup remained consistent with Rigo’s May analysis.
Rafaela Rigo, a well-known crypto trader on X, has revealed her continued accumulation of Shiba Inu (SHIB) tokens, citing technical analysis that suggests a potential price rally. Rigo referenced an earlier post about the memecoin, suggesting its price was poised to rally.
On March 31, Rigo shared a SHIB/USD monthly chart that suggested the memecoin had found support and was positioning itself for a significant rally. The chart showed how SHIB’s bearish movement continuously lost momentum after a full retracement that saw the memecoin reach a low point. The price action also indicated a potential return of SHIB bulls, with a classic bullish candle pattern that suggested inherent upward momentum.
Meanwhile, not much has changed two weeks after Rigo’s initial post. SHIB’s price setup remains the same, with the price experiencing a slight pullback. SHIB dropped from $0.000026 to $0.000022, returning to the support region earlier identified by Rigo.
Typically, experienced crypto traders consider pullbacks as opportunities to increase their holdings by accumulating more of the traded tokens. They believe it means a chance to buy the coins at cheaper prices, creating room for more profitable trades. Most of them do so when confident in their trend predictions, as seen through Rigo’s actions.
SHIB surged over 378% between February and March this year after nearly two years of insignificant price movements. The flagship altcoin succumbed to market pressure in March and lost 60% of its value after the surge. The March slump pushed SHIB’s price down toward the 0.618 Fibonacci retracement level.
Rigo expects SHIB to regain its bullish momentum and rally toward the $0.00004988 region. That would see the memecoin return to its 2024 high and open the way for more upside movement. If the rally continues, SHIB could reach significant levels of the last bull run, potentially catching up with the previous all-time high (ATH) of $0.0009.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
