Market Analysts Expect Shiba Inu Recovery To Launch Price Toward $0.0001

Some market analysts believe that Shiba Inu could launch into the $0.0001 price zone once its recovery momentum gains momentum.

Shiba Inu has been on a bearish slope since May 29, when it retested $0.000029 territory in an attempt to reclaim $0.00003. This downtrend was primarily triggered by the chaos seen in the broader crypto market, which pushed Bitcoin (BTC) below $65,000.

Shiba Inu on a sustained downtrend

SHIB, which has a high level of price correlation with Bitcoin, has also seen similar declines. However, Shiba Inu’s slowdown is more pronounced than Bitcoin’s due to its greater volatility. SHIB is down 29% this month, erasing May’s 13% gain.

Notably, during the price action in May, market analyst Sam TCR spoke to TradingView to project an impending rebound that could see Shiba Inu recover and surpass the yearly high of $0.000045. At the time, SHIB changed hands at $0.00002279, looking to break through the $0.00002320 resistance point.

As Sam TCR eyes a breakout, he warned of the possibility of further price declines below the territory of $0.000022. He noted that this would likely be possible with the resurgence of sellers. According to the analyst, such a downward push would take Shiba Inu to the $0.00002 support with increased bearish momentum.

This projection materialized on June 13, when SHIB collapsed to a low of $0.00002095. The downtrend persisted until the $0.00002 support was finally broken. The bears also conquered the $0.000019 level, pushing Shiba Inu towards the lower spectrum of the $0.000018 price territory.

A recovery to $0.0001

Shiba Inu is now changing hands at $0.00001801, poised to lose $0.000018. Despite this, Sam TCR predicts an imminent reversal, with its target set at the $0.0001 price target. One situation supporting the impending reversal is the undersold position of Shiba Inu.

Due to the latest price drop, Shiba Inu’s Relative Strength Index (RSI) has collapsed below 30, currently sitting at 29.03 at press time. This figure, which indicates that the Shiba Inu is extremely oversold, represents the lowest level recorded by the SHIB RSI this year.

The Shiba Inu Commodity Channel Index (CCI) has also fallen to a significantly low level, currently at -111. This further supports the idea that Shiba Inu is trading in an oversold region. As a result, traders and market analysts are expecting a rebound that could help SHIB regain lost ground.

Shiba Inu community figure and market analyst SHIB Knight also predicts an imminent rally towards $0.0001. Data from its chart suggests that Shiba Inu could register a choppy but decisive push towards the $0.0001 territory once it breaks out of the current market position.

Additionally, Michael, another notable market watcher, previously stated that SHIB could mount a run to $0.0001011 once it breaks its bull flag on the weekly time frame. Meanwhile, Shiba Inu is trading flat over the past 24 hours, struggling to hold the $0.000018 support level as a decisive push below could lead to further losses.

Disclaimer: This content is informational and should not be considered financial advice. The opinions expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.

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