đ„đ„đ„ #analyst Who Predicted Current Shiba Inu Drop Now Projects Upcoming Rally to $0.000059
Shiba Inu ($SHIB ) Market Analysis and Future Predictions
Initial Outlook (May 31):
- In late May, Shiba Inu (SHIB) was trading between $0.00002487 and $0.00002635. Market analyst Alikze provided a cautious view, warning of a potential decline despite predictions of a rise to $0.00003. Alikze outlined three possible scenarios for SHIB:
1. Bullish Path: Directly moving to $0.00005.
2. Support Retest Path: Re-testing support at $0.00002084 to $0.00001786 before reaching $0.00005.
3. Bearish Path: Falling below the liquidity area, potentially dropping to $0.00001707. This bearish scenario has occurred.
Current Situation:
- By June end, SHIB had dropped 32.13%, trading at $0.00001716, below the liquidity area. Alikze forecasts further declines towards the $0.00004 level, which could then act as a base for a potential rally.
Future Predictions:
- Alikze maintains a target of $0.00005, with an expected price range of $0.00005387 to $0.00005937. Analyst Davie Satoshi also anticipates SHIB reaching $0.00005 soon.
Market Indicators:
- For SHIB to rise, sustained exchange net outflows are needed. CryptoQuant data shows 23 days of negative exchange flows since June 2, with over 8.6 trillion SHIB outflows in the past month. SHIB is down 0.45% for July, with an RSI of 33.68 (oversold condition) and an MVRV of -1.5, indicating bearish sentiment.
Summary:
SHIB has faced a significant decline, but if exchange outflows continue and market conditions improve, it could eventually reach its target of $0.00005.
Source - thecryptobasic.com
