Shiba Inu, a popular cryptocurrency, is feeling the weight of the broader market’s downturn. Bitcoin’s dip below $63,000 this month, a 7% slump, has sent ripples across the market. Shiba Inu (SHIB) has suffered more, plummeting by 32.72% in June to the lower end of $0.000017.
Despite the gloom, some analysts remain hopeful. Market analyst Captain Parabolic Toblerone, known for his Elliott Wave analysis, has adjusted his Shiba Inu wave count to mirror the current market situation. Toblerone, who started his SHIB analysis last October, leverages the 5-wave Elliott Wave pattern to project future price movements.
Captain Toblerone has updated his wave counts twice since October 2023. His latest adjustment comes as Shiba Inu drops below the $0.00002, $0.000019, $0.000018, and $0.000017 levels, signaling a bearish trend. Toblerone’s new Elliott Wave structure suggests a potential recovery for Shiba Inu.
Shiba Inu’s Ultimate Target of $0.00045
Toblerone’s recent update sets an ultimate target of $0.00045 for SHIB. The first wave, following an immediate recovery, could see SHIB rise to $0.00005, marking a new yearly peak. Wave 2 might then trigger a 50% retracement back to $0.000025.
The third wave, typically the most bullish, could push prices above $0.0001 and toward $0.0002, setting a new all-time high for SHIB. Toblerone projects that SHIB won’t drop below $0.0001 after the third wave. Wave 4 may bring a correction from $0.0002 to $0.0001. The fifth and final wave could culminate in the ultimate target of $0.00045.
Currently, Shiba Inu trades at $0.00001689, a 3-month low. To reach Toblerone’s target, SHIB needs to rally 2,564%. The recent sharp decline has dropped SHIB’s relative strength index (RSI) to 25, indicating extreme oversold conditions. Such a low RSI often signals an upcoming reversal, potentially triggering enough strength for Wave 1’s rally to $0.00005.
As the market watches, investors remain cautious yet hopeful. The road to recovery is long, but with analysts like Captain Toblerone charting the way, Shiba Inu could see brighter days ahead.
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