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HomeCrypto NewsMarketExpert Says One Last Chance for a Shiba Inu Move: Here’s The Target

Expert Says One Last Chance for a Shiba Inu Move: Here’s The Target

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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.

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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.

Shiba Inu AnalysisZelfTrade
Shiba Inu Analysis | ZelfTrade

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.

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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.

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.

Author

Elendu Benedict
Elendu Benedict
Elendu Benedict is a refined cryptocurrency writer with over two years of experience in the field. With a thorough understanding of blockchain technology, cryptocurrencies, and market trends, as well as proficiency with ETFs, DeFi, and Web3, he specializes in writing engaging and educational articles on a variety of crypto-related subjects.

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