Alikze, a TradingView analyst renowned for accurately predicting the recent downturn in Shiba Inu, now foresees an imminent surge towards the $0.000059 price range.
His analysis, initially presented on May 31, came at a nascent stage of the downtrend. At that time, Shiba Inu was trading between lows of $0.00002487 and highs of $0.00002635. Despite hovering above $0.00002, SHIB was striving to retest the $0.00003 mark.
Contrary to prevailing expectations of a rise towards $0.00003, Alikze cautioned about sharper declines for SHIB. While he set an ultimate target above $0.00005, he highlighted three potential paths for the meme coin to reach this level.
One scenario envisioned SHIB directly reaching $0.00005, aligning with the predictions of many analysts. Another path suggested SHIB retracing to a liquidity zone between $0.00002084 and $0.00001786 before catapulting to $0.00005—a critical support level according to Alikze.
However, in the third scenario, Alikze foresaw SHIB dipping below this liquidity area, potentially dropping to $0.00001707. This prediction has since materialized, culminating in a significant 32.13% decline for Shiba Inu by the end of June, settling at $0.00001716.
Despite the recent downturn, Alikze anticipates an impending recovery, though he warns of further drops towards the Fibonacci 100 area, around $0.00004. He views this region as a pivotal launching pad for SHIB to achieve higher price points.
Looking ahead, Alikze maintains his target of the $0.00005 territory for Shiba Inu. Specifically, he projects SHIB to attain prices ranging from $0.00005387 to $0.00005937, identifying this span as a resistance area.
Interestingly, SHIB last traded within this range in November 2021, during a decline from its all-time high of $0.00008845. Market analyst Davie Satoshi echoes expectations of SHIB revisiting the $0.00005 price level in the near term.
The potential for such an upward movement hinges partly on ongoing trends of negative exchange net outflows. According to CryptoQuant data, SHIB has recorded negative outflows for 23 consecutive days since June 2, totaling over 8.6 trillion Shiba Inu tokens withdrawn from exchanges in the past month.
Despite a modest rise at the beginning of July, SHIB’s current decline stands at 0.45% for the month. Its Relative Strength Index (RSI) at 33.68 indicates oversold conditions, a sentiment affirmed by Santiment’s report highlighting SHIB’s MVRV dropping to -1.5.
*Disclaimer: This content serves for informational purposes only and should not be construed as financial advice. The opinions expressed herein are those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct thorough research and consider professional guidance before making investment decisions. The Crypto Basic bears no responsibility for any financial losses.*
