Shiba Inu Forecast: Analysts See Imminent Rise to $0.0001

Shiba Inu Sees 874% Surge in Burn Rate Despite WazirX Hack

Shiba Inu (SHIB) is currently aiming for a recovery push as it enters the oversold region. A market analyst projects an imminent rise to $0.0001. The recent market downturn impacted several cryptocurrencies, including Shiba Inu. The turmoil, attributed to “altcoin dispersion” by analyst Mike Deutscher, led to a $137 billion loss in the combined market cap of the top 125 altcoins over two weeks.

Shiba Inu specifically saw a $4.21 billion drop in valuation during this period, bringing its market cap down to $10 billion. The price fell sharply from a high of $0.00002633 on June 5 to the current value of $0.00001820, marking a 31% decline in just two weeks.

Shiba Inu’s Oversold Condition

While this decline has affected many investors, some technical indicators have turned bullish. For example, the Shiba Inu Relative Strength Index (RSI) has plummeted to a historical low of 15, according to CryptoQuant. This extremely low RSI value indicates that SHIB is significantly oversold, suggesting high selling pressure and potential undervaluation. Typically, such a low RSI is seen as a buying opportunity, with analysts expecting a price rebound soon.

Related article: Shiba Inu’s Path to Recovery: Expert Forecasts Price Surge

As Shiba Inu eyes recovery from recent lows, market participants are boosting their holdings. Data from Santiment shows that small investors holding between 100,000 and 1 million tokens have bought 2 billion SHIB this month. Meanwhile, large whales holding at least 1 trillion SHIB have accumulated nearly 500 billion tokens.

Imminent Recovery Predictions

Interestingly, market analyst Sam_TCR had projected this recovery in a previous TradingView analysis when Shiba Inu was trading at $0.000022. With SHIB now below the $0.00002 level, his projection of a resistance point at $0.00002320 remains valid.

Sam_TCR suggests that if Shiba Inu breaches the $0.00002320 level, the next resistance would be at $0.00002550. Pushing past this level could pave the way for a rally to the $0.0001 price. Another analyst, Michael, also anticipates a rally to $0.0001.

Related article: Shiba Inu Joins The Sandbox Metaverse: An Era for Memecoins

At its current price of $0.00001820, SHIB faces significant resistance on the path to $0.0001. The token must first surpass the psychological level of $0.00002, which could then serve as a launchpad for further gains. 

Despite the recent downturn, Shiba Inu shows signs of potential recovery, with technical indicators and increased investor activity suggesting a possible rebound. If SHIB can overcome key resistance levels, an upsurge to $0.0001 may be on the horizon.

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.

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