A widely-followed market analyst on TradingView suggests that Shiba Inu might experience one last dip before a significant recovery that could push its value back to $0.00003. Currently trading at $0.00001323, Shiba Inu has seen a dramatic price drop of over 14% at the time of writing. This substantial decline follows Bitcoin’s recent slump to the $53,000 range earlier today, triggering a wave of losses in the cryptocurrency world.
As a meme coin with higher volatility, Shiba Inu has been a major casualty in the market’s downturn. This latest drop is part of the bearish momentum that has swept through the cryptocurrency market since June. Shiba Inu’s price has decreased by 49.5% over the past 30 days.
Market analysts, including Alan Santana from TradingView, remain optimistic about a Shiba Inu rebound. Santana suggests that Shiba Inu is poised for a final significant price drop before a bullish phase takes the stage. He highlighted Shiba Inu’s impressive performance earlier this year, noting a 720% growth on a yearly scale. According to Santana, the current poor performance is a typical correction after the strong past gains. He predicts a substantial short-term price drop followed by a recovery, then another decline.
On Wednesday, Shiba Inu traded around $0.0000172, dropping 18% to $0.0000146 by the next day. Today, it reached a new low of $0.00001294, marking a 12% drop from the previous low. If these declines align with Santana’s predictions, Shiba Inu is still undergoing its first drop. He anticipates this initial dip to bottom out at $0.000012, followed by a rebound to $0.000017. However, Santana foresees another decline pushing Shiba Inu to $0.000011, marking the second and final drop.
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Santana believes this final dip will precede a sustained period of significant growth, potentially leading Shiba Inu to the $0.000030 threshold. With today’s low at $0.00001294, this represents a potential gain of 131.83% for those who buy Shiba Inu at its current low.
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