Editor’s Note: The quote attributed to Davinci Jeremie regarding Shiba Inu has been corrected to accurately reflect his response as “Yes.”
Trader and analyst Davinci Jeremie, known for his early support of Bitcoin BTC/USD, on Monday showed interest in the Dogecoin DOGE/USD Killer Shiba Inu SHIB/USD during an online interaction. Asked by a user whether it’s a good idea to buy Shiba Inu, Jeremie responded, saying, “Yes.”
What Happened: Back in May 2013, through a YouTube video, Jeremie encouraged viewers to invest at least $1 in Bitcoin when it was trading near $120. Listeners who followed this advice would have obtained approximately 0.0086 BTC. At Bitcoin’s highest price point near $70,000, these individuals would see a profit of $584 from their initial $1 investment.
In his video, Jeremie explained the nature of Bitcoin as “a digital crypto and global money system currency,” emphasizing its use in trading and monetary transfers without needing an intermediary.
He added an explanation in his video, posting: “Just so you know, Bitcoin is a digital crypto and global money system currency. I talk about technical analysis of Bitcoin, Ethereum, and crypto and how I make money trading BTC. Bitcoin allows people to send or receive money across the internet, without a third party.”
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: Shiba Inu has dipped below $0.00003 again after testing the price level for more than 48 hours. Despite this, the meme cryptocurrency has largely exhibited signs of resilience from the bulls after its strong price surge in early March, prompting analysts to persist on a bullish outlook.
According to a crypto analyst known as Xanrox, Shiba Inu is on its way to the $0.0008 price level. Interestingly, the analyst's prediction is based on a series of Elliott Waves, allowing him to identify potential price support and resistance zones in the long term.
The first 3-day timeframe chart shared by the analyst looked at SHIB's position nine days after it reached $0.00004556.
Shiba Inu had started to consolidate by this time and had fallen to $0.00002763. However, according to Xanrox, the consolidation opens up the perfect opportunity to load up on SHIB. His entry point, which is at $0.0000225, coincides with the 0.618 Fibonacci retracement level.
Price Action: At the time of writing, SHIB was trading at $0.00002706, down 10.56% in the last 24 hours.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
Image via CryptoFX on Shutterstock
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