Top Analyst Re-arranges Shiba Inu Wave Count, Predicts 2,564% Rally for SHIB to $0.00045
Like most assets, Shiba Inu has been in tune with the broader crypto market. Bitcoin's recent slump has cooled down the rally of most altcoins in 2024, and Shiba Inu isn't an exception.
Shiba Inu has lost 32.7% of its price gains in 30 days and is trading at $0.00001674, with a 7% decline in 24 hours. This bearish turn has impacted investor confidence, leading to more sell-offs from retail traders.
Amid the ongoing downturn, analysts like Captain Parabolic Toblerone have reset their Shiba Inu wave count to reflect current market conditions. Toblerone set a new target of $0.00045 for SHIB as the peak of the current price cycle.
Toblerone Gives New Shiba Inu Analysis Based on Elliot Wave PatternToblerone began his Shiba Inu analysis in October 2023 using the Elliot Wave Pattern. This five-wave pattern showed the possible price range for SHIB in the current market cycle.
However, he continues to rearrange this Wave count based on market conditions. The latest update comes as SHIB has dropped below the critical price levels of $0.00002, $0.000019, and $0.000017.
Toblerone believes the First Wave could move SHIB to the $0.00005 price level, which will propel Shiba Inu to a new yearly peak. However, when Wave 2 comes up, it could result in a 50% decline, pushing SHIB back to $0.000025.
The Analyst also proposed that the Third Wave, which is often bullish, will likely move SHIB above the $0.0001 level, close to the $0.0002 range. This could result in a new all-time high for SHIB.
On the other hand, the fourth Wave could lead to a retracement from $0.0002, with Shiba Inu retesting the $0.0001 price level.
Finally, Toblerone highlighted that the fifth Wave could usher in a rally to the ultimate price target of $0.00045 for SHIB. However, currently trading at a three-month low of $0.00001674, SHIB must rally 2,564% to attain Toblerone's $0.00045 Wave Five target.
Another analyst, Moustache, believes that Bitcoin's current retracement will lead to an uptrend for altcoins. If this analysis holds, then SHIB could recover from the current decline.
What's Next for SHIB?
Since June 6, SHIB has been on a downtrend, forming lower lows. SHIB has dropped below the $0.00001781 support, confirming the prevailing bearish momentum.
However, it has found support at the $0.00001629 price level, which is critical to its next moves in the coming days. A decline below this support level will force SHIB down to the $0.000015 price level.
Meanwhile, SHIB is trading close to the lower Donchian Channel (DC) band. The RSI is 24.82, indicating that SHIB is oversold. The RSI is still declining, hinting at a further downtrend for Shiba Inu.
Hence, Shiba Inu will likely continue to decline in the coming days until it touches the $0.000015 support level. However, since the asset is oversold, buy-the-dip actions could introduce enough momentum to trigger a bullish reversal in the coming days.
The post Top Analyst Re-arranges Shiba Inu Wave Count, Predicts 2,564% Rally for SHIB to $0.00045 appeared first on The Tech Report.