HomeCrypto News Market Analyst Says A Final Shiba Inu Drop Before 131% Rise to $0.00003
Analyst says a final Shiba Inu drop before a 131% rise to $0.00003
Date:
July 6, 2024
The widely followed market watcher at TradingView is suggesting that the Shiba Inu could experience a final drop before a huge rebound that could take it back to $0.00003.
Today, Shiba Inu is down more than 14%, trading at $0.00001323 at press time. This massive price drop follows Bitcoin's recent retracement to the $53K range earlier today, which has started a bloodbath in the crypto scene.
Being a meme coin with high volatility, Shiba Inu was the main victim of the market-wide dump. This latest result is part of the bearish momentum in the crypto market since June. Trading at $0.00001323, Shiba Inu has lost 49.5% in the last 30 days.
Notably, some market watchers expected this dip to emerge. As the predictions came to fruition, they became more certain that a comeback was underway for the Shiba Inu. Alan Santana, analyst at TradingView, is one such market watcher.
A final shiba inu drop before the bull party
In a previous update, Santana suggested that the Shiba Inu will witness one final big price drop before a bullish party takes the stage. He first highlighted Shiba Inu's extraordinary performance earlier this year, noting that when considering the bullish wave on an annual scale, the asset has increased by 720%.
Accordingly, analysts emphasize that Shiba Inu's current weak performance is a simple correction following its past strong performance. He expects another significant price drop, which he believes will lead to a short-term bounce and a second drop.
According to him, this second drop will be final before a sustained period of significant growth.
Is the final drop already there?
Shiba Inu traded at around $0.0000172 during the update on Wednesday. The next day, SHIB fell 18% to $0.0000146. Meanwhile, as of today, Shiba Inu has hit a new low of $0.00001294, a 12% drop from the previous low.
