Market analyst Captain Parabolic Toblerone has adjusted the Shiba Inu wave count to reflect current market realities, setting an ultimate target of $0.00045.
Shiba Inu has been at the mercy of the broader market, especially as dictated by Bitcoin (BTC), the leading crypto asset. With Bitcoin now below the $63,000 mark amid a 7% slump this month, SHIB has witnessed similar declines, collapsing by a more substantial 32.72% in June, as it drops to the lower spectrum of the $0.000017 level.
This bearish turn of events has impacted investor confidence, but most analysts remain optimistic. Some, like Captain Toblerone, have readjusted their setups to reflect the changing market realities better. Toblerone, for instance, began his Shiba Inu analysis as far back as last October, leveraging a 5-wave Elliott Wave pattern.
Shiba Inu Wave Counts Rearranged
The market analyst has continued to rearrange the Wave count on the back of shifts in market conditions. His latest adjustment, which rearranged the Wave counts for the second time since October 2023, comes at a time when Shiba Inu has relinquished the $0.00002, $0.000019, $0.000018 and $0.000017 thresholds to the bears.
$SHIB chart update. Wave counts rearranged. pic.twitter.com/zWh1nCbVDG
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) June 22, 2024
An Ultimate Target of $0.00045
In the recent update, Captain Toblerone sets up a new Elliott Wave structure that could dictate Shiba Inu’s next price direction as it looks to recover from the ongoing downtrend. The first wave, which would follow the immediate recovery push, could see SHIB rise to the $0.00005 territory.
Such a rally would help Shiba Inu clinch a new yearly peak. Meanwhile, when Wave 2 comes up, it could trigger a 50% retracement back to the $0.000025 price level.
The third wave, typically the most bullish, would then push prices above the $0.0001 level and toward the $0.0002 price territory, setting up a new all-time high for Shiba Inu.
Captain Toblerone’s projections suggest that SHIB would no longer drop below the $0.0001 territory after the third wave. However, Wave 4 is likely to bring about a correction from $0.0002 to a retest of $0.0001. Interestingly, the fifth and last wave could then culminate in the ultimate target of $0.00045.
Meanwhile, Shiba Inu recently gave up the $0.000017 level for the first time since March, now trading at a 3-month low. At the current price of $0.00001689, SHIB would need to rally 2,564%. Notably, the recent sharp decline has triggered a drop in Shiba Inu’s relative strength index (RSI).
While the sloping RSI indicates failing strength, its current value of 25 indicates that Shiba Inu is now extremely oversold. Such a low RSI is a reliable signal for an upcoming reversal, which could trigger enough strength for the Wave 1 rally to $0.00005.
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