Shiba Inu (SHIB) faced major price challenges this week, knowing a sharp decline which reflects wider trends on the market. During the editorial staff, Shib fell 21.16% in last week and 19.18% in the last 24 hours. Despite this slowdown, an analyst suggests that cryptocurrency is still in a larger bullish frame, especially in the macro wave 3 of the theory of Elliott waves.
Understand the prospects of Macro Wave 3 and Shiba Inu
According to the technical analysis of Guy charting, Shiba Inu is part of an impulsive model with five larger waves, with the price currently in the middle of the macro wave 3. This wave, often considered the longest and most Robust of the market cycle of an asset, could provide a solid base for future growth, provided that the part can contain specific support areas.
The critical support range for SHIB is between $ 0.000015 and $ 0.000016, which corresponds to the FIBONACCI trace levels of 0.618-0.786. These levels are particularly significant because they generally represent areas where market correction is likely to end, allowing potential rebound. While the price of Shiba Inu briefly dropped below these levels of support, he is currently trying to recover, testing the strength of these key prices. If cryptocurrency can maintain its position above these support areas, analysts think that a bull’s branch could follow, possibly propeling Shib to its top of all time.
However, this potential recovery is not without challenges. Currently, the price of SHIB remains approximately 83.5% below its top of all time, which means that cryptocurrency has considerable land to be covered before reviewing its previous peak. Many investors are waiting to see if the current price action will stabilize or continue to decrease more before deciding on the next line of driving.
Whales, retail and dynamics of the Shiba Inu market
In addition to the technical analysis, the Intotheblock chain metrics highlighted the changing dynamics within the investor base of Shiba Inu. These measures reveal a significant drop in network activity, which is often correlated with prices. More specifically, last week’s data show a decrease of 34.03% of new addresses, a drop of 21.06% of active addresses and a reduction of 28.76% of zero equilibrium addresses. This decrease in global participation suggests a decline in interest, in particular on the part of retail investors.
Despite the drop in activity, other investor behavior changes are remarkable. Whale titles decreased slightly by 0.76%, which indicates that large -scale investors reduce their positions. On the other hand, medium -sized holders increased their investment by 6.37%, which could be a sign that small investors slowly move to SHIB at current levels. Detail participation, however, fell 1.99%, perhaps indicating an interest in Shiba Inu as the market is found.
What is the next step for Shiba Inu?
Given the action of current prices and the available data, the immediate prospects of Shiba Inu are of its ability to recover the critical support levels mentioned above. If the cryptocurrency can keep above the range from 0.000015 to 0.000016 $, there may be a chance of rebound and the price could start to get back to its top of all previous time.
However, if Shiba Inu does not hold these support areas, the market can face additional drop pressure, potentially resulting in new price reductions. For the moment, investors are closely monitoring the movements of Shiba Inu, looking for signs of a reversal or a new decline. Analysts continue to highlight the importance of the current consolidation process, some expected that the shib expects to rally significantly if it can find a traction in its current macro.
In conclusion, the future of Shiba Inu remains uncertain in the short term, but the position of the medal in macro-wave 3 suggests that there could still be a substantial place for growth if the key levels remain firm. Traders and investors will have to remain vigilant as the price stabilizes or continues to consolidate.
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