Shiba Inu (SHIB), the second-largest meme coin, has mirrored the recent slump in the broader cryptocurrency market, particularly Bitcoin (BTC). Bitcoin fell below $63,000 in June, while SHIB experienced a steeper decline, falling by over 32% to reach a three-month low of $0.00001677.
This bearish trend has understandably impacted investor sentiment. However, some analysts remain optimistic about Shiba Inu’s future price trajectory.
Read Also: Analyst Says 5th Elliott Wave Will Drive Shiba Inu (SHIB) to $0.0001. Here’s How
Market analyst Capt. Parabolic Toblerone (@CaptToblerone) is one such example, as he recently updated his bullish prediction for the meme coin, having previously utilized a 5-wave Elliott Wave pattern for SHIB analysis.
Capt. Toblerone has been tracking XRP and the Elliott Wave pattern since his first prediction in October 2023. Times Tabloid covered one of his predictions earlier this year. His new outlook has considered the recent market conditions, and still expects a comeback from the meme coin, potentially reaching a high target.
Capt. Toblerone’s revised wave count reflects the recent price movements of Shiba Inu. Notably, this is the second adjustment since October 2023, necessitated by SHIB relinquishing key support levels at $0.00002, $0.000019, $0.000018, and $0.000017.
Capt. Toblerone’s updated Elliott Wave structure offers a potential roadmap for Shiba Inu’s price recovery from the current downtrend. The initial wave (Wave 1) anticipates an immediate price increase that could push SHIB towards $0.00005. This uptick would establish a new yearly high for the meme coin.
Following Wave 1, a potential correction of around 50% is expected in Wave 2, bringing the price down to $0.000025. Subsequently, Wave 3, generally considered the strongest wave in the Elliott Wave theory, could propel SHIB to $0.00022, significantly higher than its all-time high of $0.00008845.
Read Also: Citing Shiba Inu Elliott Wave Theory, Analyst Predicts 2000% SHIB Rally to $0.0005
Capt. Toblerone’s analysis suggests that Shiba Inu might find support around $0.0001 during the correction in Wave 4. However, this is still above SHIB’s all-time high, and the meme coin might not fall below that price if it follows Capt. Toblerone’s prediction.
For Wave 5, Capt. Toblerone believes SHIB will keep smashing records, potentially reaching a new all-time high of $0.00045. The recent price decline has caused Shiba Inu’s Relative Strength Index (RSI) to dip, sitting at around 25.
This indicates the coin is oversold, which could signal a potential reversal soon. Other analysts share this bullish sentiment, and a rising RSI after the oversold condition could provide the necessary momentum for SHIB to enter Wave 1.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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