Top Analyst Re-arranges Shiba Inu Wave Count, Predicts 2,564% Rally for SHIB to $0.00045

Like most assets, Shiba Inu is in sync with the overall cryptocurrency market. Bitcoin’s recent downturn has dampened the rally of most altcoins in 2024, and Shiba Inu is no exception.

Shiba Inu has lost 32.7% of its price gains over the past 30 days and is trading at $0.00001674., It has fallen by 7% in 24 hours. This bearish development has impacted investor confidence, leading to further selling by retail investors.

As the recession continues, analysts Captain Parabolic Toblerone The number of waves of Shiba Inu has been reset to reflect the current market situation. Toblerone has set new goals $0.00045 As for SHIB, we consider it the peak of the current price cycle.

Toblerone Launches New Shiba Inu Analysis Based on Elliott Wave Patterns

Toblerone We began our Shiba Inu analysis using the Elliott Wave pattern in October 2023. This 5-wave pattern shows the possible price range for Shiba Inu in the current market cycle.

However, he keeps re-adjusting this wave number based on market conditions. The latest update came when SHIB fell below the key price levels of $0.00002, $0.000019, and $0.000017.

Toblerone believes that the first wave could push the SHIB price to $0.00005, propelling Shiba Inu to a new yearly high, but a second wave could lead to a 50% drop, sending SHIB back down to $0.000025 again.

Analysts also predict that a bullish third wave will likely push SHIB above $0.0001 and into the $0.0002 range, which could propel it to a new all-time high.

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 lead to a rise to SHIB’s final price target of $0.00045. However, SHIB, which is currently trading at a three-month low of $0.00001674, would need to rise 2,564% to reach Toblerone’s fifth wave target of $0.00045.

Another analyst said: moustache, We believe that Bitcoin’s current retracement will lead to an uptrend in altcoins, and if this analysis holds true, SHIB could recover from the current drop.

What’s next for SHIB?

SHIB has been in a downtrend and is hitting lower lows since June 6. SHIB has dipped below the support at $0.00001781, confirming that the bearish momentum continues.

However, support was found at the $0.00001629 price level, which will be crucial for the next movement in the coming days. Below this support level, SHIB will drop to the $0.000015 price level.

Meanwhile, SHIB is trading near the lower end of the Donchian Channel (DC) band. The RSI is at 24.82, indicating that SHIB is oversold. The RSI is still trending down, suggesting further downtrend for Shiba Inu.

Therefore, Shiba Inu may continue to fall in the coming days until it reaches the support level at $0.000015. However, since the asset is oversold, low-buying action may generate enough momentum to trigger a bullish reversal in the coming days.

Disclaimer: Opinions expressed in this article do not constitute financial advice. Readers are encouraged to conduct their own research and determine their risk tolerance before making any financial decisions. Cryptocurrencies are a highly volatile and high-risk asset class.

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