Can Shiba Inu Hit $0.00045? Analyst Forecasts Bullish Prospects

Market analyst Captain Parabolic Toblerone has revised the Shiba Inu wave count, aiming for a target of $0.00045. This adjustment aligns with current market conditions. It has mirrored Bitcoin’s trends, especially as Bitcoin recently dipped below $63,000 amid a 7% slump this month. Consequently, SHIB has declined more sharply by 32.72% in June, now trading around $0.000017.

The recent downturn has shaken investor confidence. However, many analysts remain optimistic. Notably, Captain Toblerone has adjusted his setups to better reflect the evolving market. Since October, he has leveraged a 5-wave Elliott Wave pattern for his Shiba Inu analysis.

Revised Wave Counts

In response to market shifts, Captain Toblerone has continued to rearrange the wave count. His latest adjustment, the second since October 2023, comes as Shiba Inu drops below the $0.00002, $0.000019, $0.000018, and $0.000017 levels.

$SHIB chart update. pic.twitter.com/v3pZxH3DJA
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) May 27, 2024

In his recent update, Toblerone introduces a new Elliott Wave structure. This could direct Shiba Inu’s next price movement as it aims to recover from the current downtrend. The first wave, following an immediate recovery push, might lift SHIB to $0.00005, potentially marking a new yearly peak. Wave 2 could trigger a 50% retracement to $0.000025.

The third wave, typically the most bullish, could push prices above $0.0001 and towards $0.0002, setting a new all-time high for Shiba Inu. Toblerone suggests SHIB would not drop below $0.0001 after the third wave. Wave 4 might bring a correction from $0.0002 to $0.0001. Finally, the fifth wave could culminate in the ultimate target of $0.00045.

Current Market Conditions

Recently, Shiba Inu fell below $0.000017 for the first time since March, now trading at a 3-month low of $0.00001689. To reach $0.00045, it would need to rally 2,564%. The recent decline has also lowered its relative strength index (RSI).

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Although the sloping RSI indicates weakening strength, its current value of 25 suggests Shiba Inu is extremely oversold. Such a low RSI reliably signals an impending reversal, potentially triggering the Wave 1 rally to $0.00005.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.