The Shiba Inu cryptocurrency is on the brink of reaching its lowest price for the current market cycle, as predicted by crypto analyst Cipher. Cipher believes that the macro third wave will push Shiba Inu above the $0.0001 zone.
Like many other cryptocurrencies, Shiba Inu has been affected by the current downturn in the market. It is currently down 50% from its peak price of $0.00004567 and is trading at around $0.000022. This decline has caused Shiba Inu to break through multiple psychological support levels.
Cipher, the crypto analyst, has updated his outlook on Shiba Inu in light of the current situation. He has accurately predicted the bottom of the market cycle for Shiba Inu on a weekly timeframe. He has identified a range of prices, from $0.00001450 to the August 2022 highs of $0.00001690, as the bottom range for Shiba Inu in this cycle. If the market crash continues and Shiba Inu reaches this price range, it will need to hold above it in order to stay on track with its projected trajectory.
Cipher’s projection for Shiba Inu’s future trajectory is based on a complex web of Elliott Wave patterns. These patterns are part of a larger Elliott Wave structure, which Cipher refers to as the macrostructure. This macrostructure began when Shiba Inu first started trading.
Shiba Inu completed Wave 1 when it reached an all-time high of $0.00008854 in October 2021. Wave 2 followed when Shiba Inu collapsed to a low of $0.00000543 in June of the following year. Wave 3 began after Shiba Inu recovered from this low. According to Cipher, Shiba Inu is currently in the third macro wave, which has the potential to reach new all-time highs. However, the current downtrend could cause Shiba Inu to drop to the range of $0.00001450 to $0.00001690 before it starts to recover.
Cipher did not provide a specific price target for Shiba Inu’s recovery, but he expects it to rally above the $0.0001 price range, surpassing its previous all-time high in 2021. Many experts believe that Shiba Inu has the potential to exceed the $0.0001 mark in this market cycle.
Despite the downturn, Shiba Inu is still trading above its 21-week EMA at $0.00001857, with a current price of $0.00002263. Last week, the bears tested this important support level and pushed Shiba Inu to a two-month low of $0.00001830. However, Shiba Inu showed resilience and eventually recovered.
Technical indicators suggest that Shiba Inu is currently undervalued and may experience a significant resurgence. The CCI indicator is currently showing a value of -106.64, and the RSI has dropped to 40.31 on the daily timeframe. Additionally, data from CryptoQuant indicates that Shiba Inu exchange reserves continue to decrease.
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