Market analysts believe Shiba Inu (SHIB) could surge toward the $0.0001 price region once its recovery gains momentum. Shiba Inu has been on a downward trend since May 29, after retesting the $0.000029 level in an attempt to reclaim $0.00003. The broader crypto market’s chaos, pushing Bitcoin (BTC) below $65,000, primarily triggered this downtrend. With a high correlation to Bitcoin, SHIB has seen similar declines. However, Shiba Inu’s downturn is more pronounced due to its higher volatility, falling 29% this month and wiping out the 13% gain it saw in May.
Analyst Projections And Price Action
During the May price action, market analyst Sam TCR projected an imminent rebound for Shiba Inu, potentially reclaiming and surpassing the $0.000045 yearly peak. At that time, SHIB traded at $0.00002279, aiming to breach the $0.00002320 resistance point. Despite envisioning a breakout move, Sam TCR warned of possible further declines below $0.000022 if sellers resurged. He noted this could push Shiba Inu to the $0.00002 support with increased bearish momentum.
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This projection came true on June 13, when SHIB dropped to $0.00002095. The downtrend continued until it broke the $0.00002 support. The bears then pushed Shiba Inu below $0.000019, moving it to the lower end of the $0.000018 price territory. Now, Shiba Inu trades at $0.00001801, on the brink of losing the $0.000018 level.
Signs of Imminent Reversal
Despite this, Sam TCR projects an imminent reversal, targeting $0.0001. One factor supporting this reversal is Shiba Inu’s oversold position. Due to the latest price crash, Shiba Inu’s Relative Strength Index (RSI) has fallen below 30, currently at 29.03, indicating extreme oversold conditions.
This RSI figure represents SHIB’s lowest level this year. Furthermore, the Commodity Channel Index (CCI) has dropped to -111, confirming Shiba Inu’s oversold region. Traders and analysts expect a rebound to help SHIB regain lost ground. SHIB Knight, a Shiba Inu community figure, also projects a rally toward $0.0001.
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His chart data suggests Shiba Inu could push toward $0.0001 once it breaks out of the current market position. Additionally, Michael, another market watcher, asserted that SHIB could run to $0.0001011 once it breaks out of its bull flag on the weekly timeframe.
Meanwhile, Shiba Inu is trading flat over the last 24 hours, striving to maintain the $0.000018 support level, as a push below it could lead to further losses.
