Shiba Inu (SHIB), the popular meme coin, finds itself caught in the cryptocurrency market downturn. Having shed 50% of its value since its cycle peak of $0.00004567, SHIB is currently trading at a price point of $0.000022.
Analyst Cipher Offers Hope for SHIB’s Future
Amidst the bearish sentiment, crypto analyst Cipher remains optimistic about Shiba Inu’s long-term prospects. Through an Elliott Wave analysis, Cipher suggests SHIB is still within the confines of a larger macro wave 3, which historically precedes significant price increases.
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The Bottom Might Be In
Cipher identifies a potential price floor for SHIB between $0.00001450 and $0.00001690. If the current market crash pushes SHIB towards this zone, the analyst believes the coin needs to hold above it to stay on track for its projected trajectory.
$SHIB Macro: After catching the exact bottom here is the current view.
Right now we are in Macro 3rd wave. For continuation it must holds Gray Box. Now stop loss moved in profit. #SHIB #SHIBARMY #Powell #cryptomarket #Crypto #BTC #ETH #CryptoNews #Bitcoin #Cryptocurrency https://t.co/dD60IsSQJ8 pic.twitter.com/gag0WOeare— Crypto Cipher (@CryptoCypher20) April 16, 2024
All-Time Highs Still in Sight?
While Cipher refrains from providing a specific price target for SHIB’s recovery, he expects the coin to eventually surpass its 2021 all-time high of $0.00008854, venturing into uncharted territory. This aligns with predictions from several other analysts who believe SHIB has the potential to break the $0.0001 barrier this cycle.
Technical Indicators Suggest Undervaluation
Despite the recent slump, SHIB remains above its 21-week EMA (exponential moving average) of $0.00001857. This indicates some underlying buying pressure and potential support for the coin’s price. Additionally, technical indicators like the CCI (Commodity Channel Index) and RSI (Relative Strength Index) suggest SHIB might be oversold, hinting at a possible reversal shortly.
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Decreasing Exchange Reserves a Positive Sign
Further bolstering optimism, data from CryptoQuant suggests a decline in SHIB reserves on cryptocurrency exchanges. This could imply a decrease in selling pressure and potentially foreshadow a price increase as demand for the coin rises.
The Road Ahead for Shiba Inu
While the immediate future for SHIB remains uncertain, analyst Cipher’s insights and technical indicators offer a glimmer of hope for long-term investors. Whether SHIB can defy the odds and reach new highs will depend on various factors, including broader market trends and continued investor confidence.