The cryptocurrency market is undergoing a period of turbulence, and Shiba Inu (SHIB) is no exception. With prices down by 50% from its cycle peak, SHIB has breached several key support levels, currently hovering around the $0.000022 mark. However, amidst this downturn, crypto analyst Cipher has provided insights into SHIB’s future trajectory, suggesting that its macro third wave could propel it above the $0.0001 zone.
Cipher’s analysis indicates that SHIB may be approaching its bottom for this cycle, identifying a range between $0.00001450 and $0.00001690 as a potential bottom based on the weekly timeframe. Should the ongoing market downturn persist and push SHIB into this range, Cipher suggests that maintaining support within it could be crucial for SHIB’s projected trajectory.
Macro 3rd Wave and Elliott Wave Patterns
The projected trajectory for SHIB is part of a broader Elliott Wave structure, with smaller patterns nested within it. This macrostructure commenced during SHIB’s early trading days and encompasses various waves. SHIB completed its first wave when it surged to an all-time high in October 2021, followed by a second wave during a subsequent price collapse. Currently, SHIB is believed to be within its third macro wave, which, according to Cipher, could lead to new all-time highs.
Short-Term Outlook and Recovery
While Cipher does not provide a specific price target for SHIB’s recovery, he anticipates a rally above the $0.0001 mark, potentially surpassing its previous all-time high from 2021. Despite the recent downturn, SHIB remains above its 21-week EMA, indicating resilience in the face of market pressure. Technical indicators suggest that SHIB may be undervalued at present, with potential for significant upside. Additionally, CryptoQuant data indicates a decrease in SHIB exchange reserves, further supporting the notion of underlying strength.
In conclusion, while SHIB currently faces challenges in the midst of broader market volatility, Cipher’s analysis offers a macro perspective that suggests potential for recovery and future growth. As SHIB navigates its macro third wave, investors and enthusiasts alike will be closely monitoring its progress, anticipating whether it can indeed surpass previous milestones and reach new heights.
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