Shiba Inu News Today: An analyst now expects Shiba Inu dip before rebounding and potentially reaching new highs for the crypto.
A recent analysis from TradingView predicts a corrective dip for Shiba Inu, projecting a decline to $0.00001735 before the cryptocurrency potentially rebounds to new highs.
This forecast comes amid significant price fluctuations for Shiba Inu, reflecting the broader bearish trend in the market.
Recent Market Movements
Over the past week, Shiba Inu has seen a notable price drop, contributing to a 2.64% decrease in value.
As of the latest updates, the asset is trading at approximately $0.00002039.
This decline follows a peak of $0.00003284 reached in December 2024, after which the price fell below the $0.00002 mark before making a brief recovery.
Analysts are now observing technical indicators that suggest further price movements in the near future.
Analyzing the Downward Trend
The TradingView analysis highlights a specific price pattern forming in Shiba Inu’s movement.
An expanding diagonal pattern has emerged, followed by a corrective triangle.
This pattern suggests that before any potential recovery, the asset may experience additional downward movement.
The analysis categorizes the movement into five waves, labeled one through five, which represent an impulsive price shift.
With the corrective triangle—identified as wave B—now complete, analysts anticipate a wave C that could bring the price down to the 0.618 Fibonacci retracement level near $0.00001735.
This level is considered a demand zone, where Shiba Inu might experience its final correction before a possible rebound.
Support Levels and Bullish Prospects
In a contrasting viewpoint, another TradingView analysis offers a more optimistic outlook for Shiba Inu.
It identifies a bullish setup within a rising channel, emphasizing a critical support level at $0.00001947.
This level presents a significant opportunity for a rebound.
Notably, Shiba Inu tested this price point during a recent market downturn, suggesting it could serve as a strong foundation for recovery.
The target for this rebound is set at $0.00004170, indicating a potential increase of around 114%.
Long-Term Projections
Looking further ahead, a January 19 analysis underscores a broader bullish perspective for Shiba Inu.
It suggests that the cryptocurrency could see a remarkable 580% price increase, supported by a pattern of higher highs and higher lows that has developed since June 2023.
This analysis maintains that the overall bullish sentiment remains intact, despite recent bearish trends.
Analysts believe Shiba Inu is positioned for a significant next move, potentially exceeding its all-time high, particularly if it can reclaim dominance above the $0.000032 mark.
One ambitious long-term target identified is $0.00007056, with some analysts speculating that the price could even rise to $0.0001397 in the near term.
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