A TradingView analyst forecasts a corrective decline in Shiba Inu to $0.00001735 before a potential recovery and rise to new highs.
This week, the Shiba Inu has seen notable price fluctuations, aligning with the market’s downward trend. Its price has declined over the past 24 hours, contributing to a 2.64% decline over the past seven days, trading at $0.00002053 at press time.
The slowdown follows a multi-month high of $0.00003284 SHIB reached in December 2024, after which the asset fell below the $0.00002 region before recovering. Following this drop, analysts pointed to technical trends suggesting further price movements in the near term.
Descending wave for Shiba Inu before new highs
A TradingView analysis observed Shiba Inu price movement forming an expanding diagonal pattern, followed by a corrective triangle. The pattern suggests a possible downward move ahead of any potential reversal.
The analysis highlights a five-wave expansion diagonal labeled one to five, representing an impulsive price movement.
With the corrective triangle called wave B now complete, wave C is expected, projecting a decline towards the 0.618 Fibonacci retracement level, near $0.00001735.
This is a demand zone from which Shiba Inu could see its final correction before a significant rebound. Wave C is expected to complete the structure, creating the asset for potential gains later.
Key support and bullish setup for SHIB
Meanwhile, a separate TradingView analysis presented a more optimistic outlook, citing a bullish pattern within an ascending channel. According to this outlook, the key support level at $0.00001947 would provide Shiba Inu with a substantial rebound opportunity.
Notably, Shiba Inu tested the $0.00001947 price on Monday during the market-wide sell-off. The price target set for the rebound scenario from this point is $0.00004170, representing a potential increase of approximately 114%.
Long term goal for SHIB
Meanwhile, a separate analysis from January 19 underlines a broader bullish pattern, suggesting Shiba Inu could see a 580% price increase. The analysis refers to a trend of higher highs and higher lows since June 2023, indicating that the token remains in a bullish consolidation phase.
The analyst argued that Shiba Inu’s overall bullish thesis remains intact despite its recent bearish performance. He expects the asset’s next move to surpass its all-time high, especially after resuming its dominance above $0.000032. One of the main price targets identified in the long-term outlook is $0.00007056.
Meanwhile, the analyst believes that the bullish wave could push the Shiba Inu price to $0.0001397 this season, thus negating a zero.
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