Pseudonymous market analyst, The Don of Apes, expects Shiba Inu to plummet to the $0.000018 level but identifies this area as a good entry zone.
The analyst disclosed this on the back of a request from market participants suggesting he provides insights into Shiba Inu’s current market dynamics. Notably, SHIB has not performed admirably this month following its collapse from the $0.00002945 top on May 29.
June has predominantly featured sustained bearishness for SHIB due to uncertainties in the broader market that have kept Bitcoin (BTC) below the $70,000 threshold. Market data sourced by CryptoRank confirms that the month of June is historically Shiba Inu’s worst performing month.
Shiba Inu Could Drop to $0.00001822
Notably, SHIB has never ended June with a price gain since its inception. This year might not be different, as Shiba Inu is already 13% down on the monthly chart. The Don of Apes believes the ongoing downtrend would persist, eventually leading to a break below the crucial $0.00002 psychological support.
green line could be a good entry for $SHIB https://t.co/3tVAgA0aLH pic.twitter.com/McF1t9hAWq
— The Don Of Apes 🦍 (@TheDonOfApes) June 11, 2024
Since collapsing to $0.00001830 on April 13 and immediately staging a recovery, SHIB has firmly defended the $0.00002 territory despite sustained losses. The closest it has been to breaching below this level was when it slumped to $0.00002057 on May 1.
With Shiba Inu currently hovering around the $0.000021 zone, The Don of Apes expects an eventual drop to the $0.000018 level. This is especially likely given that SHIB does not boast a potent demand wall between $0.000019 and $0.000021. Per IntoTheBlock data, the only support at this level features just 9.45 trillion tokens held by 8,380 addresses.
Should any downward pressure ensue, the bears could easily breach this support due to its minimal volume. The Don of Apes specifically predicts a steeper price collapse to $0.00001822, marked with a green bar on the daily chart. The last time SHIB saw this price was on March 2, during its previous uptrend.
An Attractive Entry Point
However, the analyst highlights a silver lining. He suggests that if the price drops to the green bar, market participants should view it as a buying opportunity. He identifies the $0.00001822 price level as a potential good entry point for investors. Although he does not explicitly state it, this implies that he expects SHIB to recover from this level.
Such a recovery chance is bolstered by current bullish market data. According to CryptoQuant, Shiba Inu is currently in the oversold zone at its price of $0.00002178. The Relative Strength Index (RSI) at 22 and the Stochastic indicator at 19 confirm this bullish position, suggesting that Shiba Inu could be gearing up for a reversal to the upside.
DisClamier: 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 reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
