A TradingView analyst forecasts a corrective dip for Shiba Inu to $0.00001735 before a potential recovery and a surge to new highs.
This week, Shiba Inu experienced notable price fluctuations, aligning with the bearish market trend. Its price declined in the past 24 hours, contributing to a 2.64% drop over the last seven days, trading at $0.00002053 at press time.
The downturn followed a multi-month high of $0.00003284 SHIB attained in December 2024, after which the asset moved below the $0.00002 region before recovering. Following this decline, analysts have pointed to technical patterns that suggest further price movements in the near term.
Downward Wave For Shiba Inu Before New Highs
A TradingView analysis observed Shiba Inu’s price movement forming an expanding diagonal pattern, followed by a corrective triangle. The pattern suggests a possible downward move before any potential reversal.
The analysis highlights a five-wave expanding diagonal labeled one through five, representing an impulsive price move.
With the corrective triangle labeled as wave B now complete, wave C is anticipated, projecting a drop toward the 0.618 Fibonacci retracement level near $0.00001735.
This is a demand zone from which Shiba Inu may see its final correction before a significant rebound. The expectation is that wave C will complete the structure, setting up the asset for potential gains afterward.
Key Support and Bullish Setup For SHIB
Meanwhile, a separate TradingView analysis presented a more optimistic outlook, citing a bullish setup within a rising channel. According to this perspective, the key support level at $0.00001947 would provide Shiba Inu with a substantial rebound opportunity.
Notably, Shiba Inu tested the $0.00001947 price on Monday during the market-wide dump. The price target outlined for the rebound scenario from this point is $0.00004170, representing a potential increase of approximately 114%.
Long-Term Target for SHIB
Meanwhile, a separate January 19 analysis emphasized a broader bullish setup, suggesting that Shiba Inu could experience a 580% price increase. The analysis referenced a pattern of higher highs and higher lows since June 2023, indicating that the token remains in a bullish consolidation phase.
The analyst argued that Shiba Inu’s overall bull thesis remains intact despite its recent bearish performance. He expects the asset’s next move to surpass its all-time high, especially after reclaiming dominance above $0.000032. One of the key price targets identified in the long-term outlook is $0.00007056.
Meanwhile, the analyst believes the bullish wave could push Shiba Inu’s price to $0.0001397 this season, canceling a zero.
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