Market Analyst Adjusts Shiba Inu Wave Counts to Reflect Current Market Realities
Market analyst Captain Parabolic Toblerone has updated the wave counts for Shiba Inu to align with current market conditions, setting a final target of $0.00045. This adjustment comes amid Bitcoin’s decline below $63,000, with a 7% drop this month. Shiba Inu (SHIB) has experienced an even steeper decline, plummeting by 32.72% in June to a low of $0.000017.
Shiba Inu’s Market Dependence
Shiba Inu has been heavily influenced by broader market trends, significantly affecting investor confidence. Despite this bearish shift, many analysts remain optimistic. Analysts like Captain Toblerone have adjusted their setups to better reflect the changing market realities. Toblerone, for instance, has been analyzing Shiba Inu since October of the previous year, leveraging a 5-wave Elliott Wave pattern.
Reordering Shiba Inu Wave Counts
The market analyst has continued to reorder the wave counts in response to market condition shifts. His latest adjustment, the second since October 2023, comes as Shiba Inu has fallen below key thresholds of $0.00002, $0.000019, and $0.000018.
Final Target: $0.00045
In his latest update, Captain Toblerone has outlined a new Elliott Wave structure that could dictate Shiba Inu’s next price direction as it aims to recover from its ongoing downtrend. The first wave, following an immediate recovery push, could see SHIB rise to $0.00005, potentially reaching a new annual peak. The second wave may result in a 50% pullback to the $0.000025 level.
Anticipated Wave Movements
The third wave, typically the most bullish, is expected to drive prices above $0.0001 and towards the $0.0002 range, marking a new all-time high for Shiba Inu. Captain Toblerone predicts that SHIB will not drop below the $0.0001 area following the third wave. However, wave four is likely to correct from $0.0002 to retest the $0.0001 level. Interestingly, the fifth and final wave could peak at the ultimate target of $0.00045.
Read more Shiba Inu Price Reaches Critical Decision Point as Largest SHIB Investor Pool Slips to Breakeven
Current Market Status
Recently dropping to $0.000017 for the first time since March, SHIB is now trading at a 3-month low of $0.00001689. To reach the target, SHIB would need to rise by 2,564%. The recent sharp decline has also lowered Shiba Inu’s Relative Strength Index (RSI). While the RSI indicates weak strength, its current value of 25 suggests that Shiba Inu is now in an extremely oversold zone. This low RSI is a reliable signal for an upcoming reversal, which could generate enough momentum for wave one to push SHIB to $0.00005.
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