Analyst Says One Final Shiba Inu Drop Before 131% Surge to $0.00003

A widely followed market watcher on TradingView suggests that Shiba Inu may experience a significant bounce and potentially drop back to $0.00003.

Today, Shiba Inu has fallen by over 14% and is trading at $0.00001323 at the time of writing. This significant price drop comes after Bitcoin’s recent return to the $53,000 range early today, causing mayhem in the cryptocurrency industry.

Shiba Inu is a highly volatile meme coin, so it has been hit hard in the market-wide crash. This latest result is part of the bearish momentum that has swept the cryptocurrency market since June. Shiba Inu is trading at $0.00001323, down 49.5% over the past 30 days.

Notably, some market watchers had predicted this drop would occur. As their predictions came true, they became convinced that a Shiba Inu recovery was on the way. TradingView analyst Alan Santana is one of those market watchers.

Last Shiba Inu Drop before the Bull Party

previous updateSantana proposed that Shiba Inu will experience one last major price crash before the bull market kicks in. He first highlighted Shiba Inu’s impressive performance earlier this year, noting that when considering the bull wave on a yearly scale, the asset achieved a growth of 720%.

The analyst therefore emphasized that the Shiba Inu’s current poor performance is a typical correction following a past strong performance. He expects the price to fall sharply again, which he believes will lead to a short-term rebound followed by a second decline.

This second drop will likely be the final one before a period of strong growth follows, he said.

Shiba Inu TradingView
Shiba Inu TradingView

Have you gotten the final drop yet?

On Wednesday, Shiba Inu was trading at around $0.0000172 at the time of update. By the next day, Shiba Inu had fallen 18% to a low of $0.0000146. Meanwhile, as of today, Shiba Inu had hit a new low of $0.00001294, down 12% from the previous low.

If the recent price decline lines up with his prediction, Shiba Inu is yet to witness its first decline. The analyst expects this initial decline to end with a drop to $0.000012. After that, he predicts a rebound to $0.000017. However, Santana sees another retracement that could push SHIB to $0.000011. This retracement represents the second and final decline.

Santana’s analysis predicts that after this latest drop, Shiba Inu will recover to the $0.000030 threshold in the short term. Considering today’s low of $0.00001294, those who bought Shiba Inu at the low price today could make a profit of 131.83%.

Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

--

0 Comments

Leave a Comment