Renowned market analyst, The Don of Apes, predicts that Shiba Inu will drop to the $0.000018 level, but he views this as a potential entry point for investors.
Responding to requests from market participants seeking insights into Shiba Inu’s current market trends, the analyst revealed that SHIB has struggled this month, falling from its peak of $0.00002945 on May 29.
June has been a challenging month for SHIB, with sustained bearishness attributed to overall market uncertainties causing Bitcoin (BTC) to remain below the $70,000 mark. Historical data from CryptoRank indicates that June is typically the worst performing month for Shiba Inu.
The Don of Apes notes that SHIB has never ended June with a price increase since its inception. With a current 13% decline on the monthly chart, it seems unlikely that this year will be any different. The analyst expects the downward trend to continue, potentially breaking below the crucial $0.00002 support level.
Despite previous dips, SHIB has managed to defend the $0.00002 mark, with the closest breach occurring on May 1 when it dropped to $0.00002057. The analyst anticipates a further drop to $0.000018, as there is limited demand support between $0.000019 and $0.000021.
If the price does decline to $0.00001822, The Don of Apes suggests that investors consider it a buying opportunity. This level could serve as a favorable entry point for those looking to capitalize on potential recovery. Current market indicators, such as an oversold position on CryptoQuant and bullish signals from the RSI and Stochastic indicator, hint at a possible reversal for Shiba Inu.
It’s important to note that this information is for informational purposes only and should not be considered financial advice. Readers are advised to conduct thorough research before making any investment decisions. The views expressed in this article are solely those of the author and do not necessarily reflect The Crypto Basic’s stance.