Shiba Inu, a popular cryptocurrency, is currently experiencing a downward trend in the market, with prices dropping significantly from its cycle peak of $0.00004567 to the $0.000022 territory. Crypto analyst Cipher predicts that Shiba Inu is nearing its bottom price for the cycle, with a potential macro third wave expected to push it above the $0.0001 zone. Despite the current market crash, Cipher’s analysis suggests that SHIB needs to hold above the range between $0.00001450 and $0.00001690 to stay on its projected trajectory.
The macro Elliott Wave structure of Shiba Inu indicates that the cryptocurrency is in the midst of its third wave, which could lead to new all-time highs. However, Cipher’s chart data shows that SHIB may first dip to the $0.00001450 and $0.00001690 range before a potential recovery. Despite the lack of a specific price target for the recovery, Cipher anticipates that Shiba Inu could rally above the $0.0001 price territory, surpassing its 2021 all-time high price in the process. Many industry experts have also suggested that SHIB could reach the $0.0001 territory in the current cycle.
While the daily technical indicators point towards Shiba Inu being undervalued at its current price of $0.00002263, the cryptocurrency remains above its 21-week EMA at $0.00001857. Recent market movements have shown resilience in SHIB, with a recovery seen after hitting a two-month low of $0.00001830. With the CCI flashing a -106.64 value and the RSI dropping to 40.31 on the daily timeframe, there is potential for a significant resurgence in Shiba Inu. Additionally, data suggests that Shib exchange reserves have been steadily decreasing, indicating strong investor interest in the cryptocurrency.