Rigo is a very popular investor on the X platform and his trades are often followed closely by the investor community. Rigo recently announced that he is continuing his SHIB savings. This move caught the attention of investors and strengthened expectations of a potential rally in SHIB.

So what’s behind Rigo’s SHIB accumulation? The answer may lie in technical analysis. Rigo points to a SHIB/USD monthly chart he shared on March 31. This chart shows that SHIB is rallying at a key support level and is poised for a potential breakout. The chart shows that although SHIB has been trending downwards for some time, this downward movement has lost momentum. This indicates that the bear pressure has decreased and the price may reverse.

Additionally, a classic bullish candlestick formation stands out on the chart. This formation is considered a signal that buyers are starting to dominate the market and the price is under upward pressure. Combining this technical analysis data, Rigo believes that SHIB is poised for a significant rise in the near future.

Rigo’s SHIB accumulation also points to a strategy frequently used by experienced crypto investors. These investors often consider market declines as “buying opportunities.” By accumulating cryptocurrency when prices are falling, they have the opportunity to earn more during potential rises. Rigo’s move reveals his confidence in SHIB and his bullish expectation in the near future.

Where does this upside potential for SHIB come from? Between February and March 2023, SHIB experienced a rise of over 378%. However, unfortunately, this rise was not permanent and SHIB also had its share of the market-wide declines in mid-March. The price suffered a significant depreciation, falling by 60%. Losing its upward momentum, SHIB fell back towards the 0.618 Fibonacci retracement level.

However, Rigo believes that SHIB will recover after this decline and rise again. Rigo predicts that the SHIB price may rise to the 0.00004988 region. This level is important as it is the highest SHIB price of 2024. If the price reaches this level, it could boost investors’ morale and trigger further rises. Rigo predicts that in the positive scenario, SHIB could even reach its previous all-time high of 0.0009.

In conclusion, Rafaela Rigo’s SHIB accumulation and technical analysis data raise hopes that there may be an uptrend in SHIB in the near future. However, the cryptocurrency market is quite dynamic and there are many factors that affect prices. It is important for investors to do their own research and never blindly follow the actions of Rafaela Rigo or any other investor.