Shiba Inu (SHIB) faced a decline in June, mirroring a broader bearish trend in the cryptocurrency market. However, some analysts see this as a potential buying opportunity, particularly if the price dips to a certain level.
Crypto trader The Don of Apes (@TheDonOfApes) predicts a possible price drop for SHIB to $0.00001822, tagging it a bullish entry point. This prediction stems from several factors.
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Firstly, as TimesTabloid reported recently, June has historically been a weak month for SHIB, as the meme coin has never closed June on a positive note. SHIB is already down 13% for the month and could close June at a lower price if The Don of Apes is right.
Additionally, broader market uncertainties, particularly surrounding Bitcoin’s (BTC) struggle to break above $70,000, have contributed to the bearish sentiment.
Support Levels and a Potential Downturn
SHIB has found support around the $0.00002 level despite recent losses. The closest it came to breaching this level was in early May. However, The Don of Apes believes a price drop is imminent.
Data from IntoTheBlock indicates that only 9.45 trillion tokens are held by around 8,380 addresses between $0.000019 and $0.000021. Reduced buying pressure in this range could cause SHIB to drop below it, and the Don of Apes believes the meme coin will crash to $0.00001822.
Is a Price Drop a Buying Opportunity?
Despite the predicted decline, The Don of Apes identifies a potential silver lining. A drop to $0.00001822 could represent an attractive entry point for investors. This viewpoint is supported by oversold indicators like the Relative Strength Index (RSI) and the Stochastic indicator deep in the oversold range. These readings suggest that SHIB may be nearing a reversal and poised for an upswing.
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Read Also: Top Analyst Michaël Van de Poppe Identifies XRP Price Entry Point for Next Rally
The coming weeks could be crucial for SHIB. While a price drop to $0.00001822 is a possibility, this dip might present a buying opportunity for investors with a long-term perspective. A prominent analyst also recently predicted that this could be the last opportunity to buy SHIB before its price skyrockets.
The oversold technical indicators have bolstered confidence in a bullish future, and these factors, combined with other market conditions could help SHIB climb in the coming weeks. If the market is favorable, SHIB might close June with a positive price, finally breaking the multi-year trend.
Disclaimer: This content is informational 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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