Shiba Inu continues to struggle in the market, especially as Bitcoin continues to demonstrate muted price movements ahead of the halving. This market-wide downtrend continues to keep the prices of cryptocurrencies down. However, for the long term, the outlook for coins like Shiba Inu continues to be incredibly bullish, according to analysts.
Crypto Analyst Says Shiba Inu Is Now In Macro Third Wave
Crypto analyst Crypto Cipher took to X (formerly Twitter) to share his latest Shiba Inu analysis with the community. Cipher first caught the attention of the SHIB community with his analysis from May 2023, which revealed an accumulation phase for the meme coin, with recoveries following not long after.
This time around, the crypto analyst is calling out the bottom of the current trend, explaining that the Macro 3 wave is now in motion for the altcoin. This comes after the completion of both 1st and 2nd waves which player out between the end of 2023 and the start of 2024.
At this junction, the Shiba Inu price is more bearish than it is bullish as the analyst’s chart shows a possible fall from its current price point. This would put the SHIB price as low as $0.000015 before the price could recover again.
However, if the SHIB price is able to hold this level, then the price could bounce into the Macro 4th wave. “For continuation it must holds Gray Box,” Crypto Cipher stated in the post.
Possible Price Points For SHIB
The last of the Macro waves pointed out by the crypto analyst in the post are the 4th and 5th waves, both of which are expected to be even more bullish than the last. For example, the 4th wave which is expected to begin if the $0.000015 level holds has an upper end of $0.0001. This means that from the lows, it’ll be an almost 500% increase. While from the current 509 at the time of this writing, it would be a 3x increase.
Following the 4th wave, another correction is expected, where the SHIB price could fall as much as 50%. However, once the correction is over and the 5th wave continues, the upper end is placed as high as $0.00028, where the analyst expects the wave to end. At this upper end, investors could be looking at a 1,000% price increase.
As for the time frame for this, it is expected to happen over a long period of time, according to the chart. The 4th wave isn’t expected to begin until mid-2024, while the 5th wave is placed for some time in 2025, with a conclusion towards the middle of the year.
SHIB price falls below $0.000022 | Source: SHIBUSDT on Tradingview.com
Featured image from Crypto Adventure, chart from Tradingview.com
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Author: Scott Matherson
