Market analyst Captain Parabolic Toblerone has revised the Shiba Inu wave count to reflect the current state of the market, setting a target of $0.00045. Shiba Inu has been heavily influenced by the broader market, particularly Bitcoin (BTC). With Bitcoin dropping below $63,000 and experiencing a 7% decline this month, SHIB has also seen significant drops, falling by 32.72% in June and reaching the lower end of the $0.000017 range.
Although this downturn has affected investor confidence, many analysts, including Captain Toblerone, remain optimistic. Toblerone has adjusted his analysis of Shiba Inu multiple times to align with changing market conditions. His most recent adjustment, which is the second since October 2023, comes at a time when Shiba Inu has lost key thresholds to bearish pressure.
In his latest update, Captain Toblerone has established a new Elliott Wave structure that could determine the future price direction of Shiba Inu as it aims to recover from the ongoing downtrend. The first wave, following a recovery push, could potentially drive SHIB to the $0.00005 range, enabling Shiba Inu to reach a new yearly peak. Wave 2, on the other hand, could trigger a 50% retracement to the $0.000025 level.
The third wave, typically the most bullish, would push prices above the $0.0001 level and towards the $0.0002 range, establishing a new all-time high for Shiba Inu. Captain Toblerone’s projections indicate that SHIB would not drop below the $0.0001 range after the third wave. However, Wave 4 could bring about a correction from $0.0002 to a retest of $0.0001, while the fifth and final wave could lead to the ultimate target of $0.00045.
Currently, Shiba Inu has dropped to a 3-month low after relinquishing the $0.000017 level for the first time since March. With a current price of $0.00001689, SHIB would need to rally by 2,564% to recover. The recent sharp decline has also resulted in a drop in Shiba Inu’s relative strength index (RSI). While the sloping RSI suggests weakening strength, its current value of 25 indicates that Shiba Inu is extremely oversold. This low RSI serves as a reliable signal for an upcoming reversal, which could provide enough strength for the Wave 1 rally to $0.00005.
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