Similar to the rest of the market, Shiba Inu [SHIB] was recording a major downtrend. The meme coin, at press time, was trading at a low of $0.00001701 following a 6% dip over the last 24 hours. June has been a difficult month for the asset. SHIB has recorded a 28% drop over the last 30 days. As the asset struggles to get back to the $0.00002 level, the market is waiting for positive news.
A cryptocurrency analyst who goes by Captain Parabolic Toblerone decided to bring some hope into the market. Using technical indicators, the analyst suggested that a rally is on its way. Captain Parabolic Toblerone employed the 5-wave Elliot Wave pattern since October 2023. According to the analysis, the first wave could push SHIB to $0.00005, which would be a yearly high for the meme coin. But wave 2 might cause a 50% drop back to $0.000025. The third wave is often considered the most bullish. Therefore, it could take SHIB to $0.0001 and even surge to a high of $0.0002.
This will then be followed by a correction and bring back Shiba Inu to $0.0001 during the fourth wave. The fifth wave is again bullish as it would move the meme coin to $0.00045. As seen in the chart, this will take place much later this year.
Also Read: Meme Coins Like Shiba Inu, Dogecoin Record Dip in Dominance
Will Shiba Inu Change Its Fate This Week?
Shiba Inu’s current market sentiment is bleak but the asset could be seeing recovery later this week. According to Changelly, SHIB will surge as high as $0.00004042 later this week. This notes a 125% surge from its current level. This prediction certainly seems far-fetched but the market is extremely volatile making this an achievable feat.
Also Read: Shiba Inu: Whales Move $40 Million SHIB From Robinhood