Expert Says One Last Chance for a Shiba Inu Move: Here’s The Target
A building momentum on the Shiba Inu weekly chart suggests a trend reversal is on the horizon, with an analyst identifying its target.
ZelfTrade shared this emerging momentum in a TradingView analysis, asserting that Shiba Inu has one last shot at a massive rally. If it does respond as the new trend suggests, the analyst shared the possible target for the rally.
Notably, this comes as Shiba Inu continues to consolidate southwards. On the weekly timeframe, it has posted seven red candles in the past eight weeks, joining a broader struggle in the altcoin market.
Shiba Inu On a Pivotal Support
For context, ZelfTrade highlighted that Shiba Inu sits on a crucial support area, which has cushioned further price downtrends. SHIB retested the support at $0.000010 in mid-June and has held the zone so far. Notably, it bounced from the demand zone in April, rallying 71% to its high of $0.00001765 in May before the recent retracement.
However, the market watcher noted that a clean swing failure pattern (SFP) is forming around the support area. Notably, this pattern forms when prices break out but fail to sustain the momentum, subsequently declining extensively.
This trend emerged following Shiba’s rally from its current support level to $0.00001765, followed by a strong reversal back to the demand zone. If the momentum reversal sustains, the analyst expects a quick rebound to higher prices.
Specifically, he predicted a two-fold rally from the current price, citing how well Shiba Inu has held the support as a possible catalyst. Notably, a 2x rally would take SHIB’s price to a six-month high of $0.00002394.
Meanwhile, he emphasized that Bitcoin’s price action will play a vital role in this uptrend. He noted that the crypto leader needs to cool off over the next two months and allow altcoins to regain bullish momentum. Several other analysts have shared this sentiment, citing Bitcoin’s growing market dominance as a reason why altcoins have been underperforming.
Shiba Inu Could Capitulate by Another 50%
Despite ZelfTrade’s bullish sentiments, he believes that a lack of upward price action from Shiba Inu could trigger another capitulation. For context, he noted that if Bitcoin fails to pass the baton over to altcoins soon, SHIB could lose the current support and drop another 50%.
Shiba Inu is already 86% away from its all-time high of $0.00008845 and 64% away from its January high of $0.00003343. Another 50% drop would ensure that the meme coin adds more zeroes to its valuation and drops to $0.00000598, a price last seen in June 2023.
At the time of writing, Shiba Inu trades at $0.00001197.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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