Shiba Inu is anticipated by some analysts to surge towards the $0.0001 mark once its recovery momentum picks up. Since May 29, Shiba Inu has been on a downward trend, testing the $0.000029 level in its attempt to reclaim $0.00003, largely influenced by the broader crypto market turbulence that saw Bitcoin drop below $65,000.
Known for closely mirroring Bitcoin’s price movements, SHIB has seen sharper declines due to its higher volatility, marking a 29% drop this month which erased May’s 13% gain.
During May’s price action, market analyst Sam TCR predicted on TradingView a potential rebound that could propel Shiba Inu beyond its yearly peak of $0.000045. At that time, SHIB was trading at $0.00002279, eyeing the resistance level of $0.00002320. Despite his bullish outlook, Sam TCR cautioned about the risk of further declines below $0.000022, citing potential seller resurgence that could drive SHIB towards the $0.00002 support.
This prediction materialized on June 13, when SHIB plummeted to $0.00002095 and continued its downtrend below the $0.00002 support, reaching as low as $0.000018.
Currently, Shiba Inu is trading at $0.00001801, with market watchers like Sam TCR foreseeing an imminent reversal towards the ambitious target of $0.0001, driven by its deeply oversold status. Following the recent price crash, SHIB’s Relative Strength Index (RSI) fell below 30 to 29.03, its lowest level this year, indicating extreme oversold conditions. The Commodity Channel Index (CCI) also dropped significantly to -111, reinforcing the view that SHIB is oversold and poised for a rebound.
SHIB Knight, a prominent figure in the Shiba Inu community and market analysis, similarly predicts a potential rally towards $0.0001. Additionally, Michael, another respected market observer, suggested previously that SHIB could rally towards $0.0001011 upon breaking out of its weekly bull flag pattern.
Despite trading flat over the last 24 hours and struggling to maintain the $0.000018 support level, a decisive drop below could expose SHIB to further losses, cautioning investors to monitor its stability closely.
Disclaimer: This article provides informational content and not financial advice. The opinions expressed herein are personal views and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic assumes no responsibility for financial losses.