Market Analysts’ Projections for Shiba Inu (SHIB) Price Movement

Shiba Inu (SHIB) has been experiencing a downtrend since May 29, mainly due to the volatility in the broader cryptocurrency market, which has resulted in Bitcoin dropping below $65,000.

SHIB’s price movements have shown a strong correlation with Bitcoin, and it has recorded significant declines, particularly due to its higher volatility, with a 29% decrease in the current month, reversing the 13% gain witnessed in May.

Market analyst Sam TCR had previously projected a potential rebound for SHIB, aiming to surpass the yearly peak of $0.000045, with SHIB trading at $0.00002279. However, he also warned of the possibility of further price declines below the $0.000022 level, indicating potential downward movement towards the $0.00002 support.

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The projection materialized on June 13 when SHIB dipped to a low of $0.00002095, continuing its downward trend until breaking the $0.00002 support level and the $0.000019 level, ultimately reaching the lower end of the $0.000018 price range.

Currently, Shiba Inu is trading at $0.00001801, close to losing the $0.000018 mark. Despite this, market analysts, such as Sam TCR and SHIB Knight, are projecting an imminent reversal in the downtrend, targeting a recovery to $0.0001. Their views are supported by indicators such as SHIB’s relative strength index (RSI), which has plummeted below 30, and the Commodity Channel Index (CCI), which suggests that SHIB is oversold.

SHIB Redemption to 0.0001

Looking forward, there are expectations of a rebound to help SHIB regain lost ground, with some foreseeing a potential rally towards $0.0001. Additionally, there are assertions that SHIB could make a run to $0.0001011 once it breaks out of its bull flag on the weekly timeframe. It is crucial for SHIB to hold the $0.000018 support level to avoid further losses.

Read Also: Standard Chartered to Start Spot Trading Desk For BTC and ETH

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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.