Bittime – Shiba Inu (SHIB) is predicted to soon reach its lowest price point for this cycle. Crypto analystCipher predicts a larger third wave (macro third wave) will push the SHIB price beyond the $0.0001 zone.
The crypto market is facing a downturn, and Shiba Inu is not immune from the pressure. SHIB is currently down 50% from its cycle peak of $0.00004567, having broken several psychological support levels, and is now trading around $0.000022.
Shiba Inu Predictions in the Future
Amidst this situation, crypto analyst Cipher updated his outlook, trying to accurately predict Shiba Inu's future trajectory.
In its analysis on X, Cipher revealed that it has captured the Shiba Inu bottom for this cycle on the weekly timeframe.
The analyst identifies this low range with a gray box, currently between $0.00001450 and the August 2022 high of $0.00001690.
According to Cipher, if the current market crash continues and takes Shiba Inu to this price range, SHIB will need to stay above it to stay on its projected trajectory.
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Third Wave Targets Close Above $0.0001
To be clearer, this projected trajectory takes the form of a complex interwoven Elliott Wave pattern.
These smaller patterns are embedded within a larger Elliott Wave structure, which Cipher calls a macrostructure. This macro Elliott Wave structure started in the early days of Shiba Inu trading.
SHIB completed Wave 1 when it surged to an all-time high of $0.00008854 in October 2021. Wave 2 started on the decline from that high and ended when Shiba Inu fell to a low of $0.00000543 last June.
SHIB then initiated Wave 3 after recovery from this low. According to Cipher, Shiba Inu is still trading inside the macro third wave, which could lead to a new all-time high.
However, data from its chart suggests that the current downward trend may take SHIB to the range of $0.00001450 and $0.00001690 before finally recovering.
However, Cipher did not provide a specific price target for when Shiba Inu experiences recovery. Nonetheless, the analyst expects SHIB to rally and surpass the $0.0001 price region, essentially breaking through its all-time high in 2021. Some experts think that SHIB could surpass the $0.0001 region this cycle.
SHIB Price Today
Source: Bittime
It is known from the SHIB price graph above, SHIB is experiencing a price decline of -1.71% so that it is now at $0.00002241. Whereas previously SHIB reached its highest price in 24 hours at $0.00002298.
Shiba Inu Diduga Masih Undervalued
Meanwhile, despite the decline, SHIB remains above the 21-week EMA of $0.00001857 while trading at $0.00002263.
Bears retested this important threshold last week when they pushed Shiba Inu to a two-month low of $0.00001830 on April 13. However, SHIB showed resilience at this support and eventually recovered.
It should be noted, that daily technical indicators show that Shiba Inu is currently considered undervalued (below intrinsic value) and has the potential to experience a significant increase.
Its CCI currently shows a value of -106.64, while the RSI has dropped to 40.31 on the daily timeframe. Additionally, CryptoQuant data shows that SHIB reserves on exchanges continue to decline.
Investing in Shiba Inu: Opportunities and Risks
Cipher's prediction regarding the potential for a significant increase in Shiba Inu prices certainly tempts investors. However, before you decide to invest in SHIB, it is important to understand the opportunities and risks that come with it.
Potential Profits
1. Strong Community
Shiba Inu has a large and active community on social media. This community can play a role in promoting SHIB and driving price increases.
2. High Growth Potential
If Cipher's predictions are accurate and Shiba Inu enters a major third wave, the price of SHIB has the potential to surge significantly and reach a new all-time high.
3. Shibarium Protocol
The launch of Shibarium Protocol, Shiba Inu's layer-2 blockchain, could increase SHIB's utility and drive wider adoption.
Investment Risk
1. High Volatility
Like other crypto assets, Shiba Inu has high volatility. SHIB prices can experience large fluctuations in a short period. This makes investing in SHIB a high-risk investment.
2. Lack of Utility
Currently, SHIB's primary utility is still limited. The value of SHIB depends on market sentiment and speculation.
3. Tight Competition
The crypto market is filled with various other meme coin tokens. Shiba Inu needs to continue to innovate to maintain its competitive advantage.
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Conclusion
Shiba Inu is one of the most popular meme coins in the world. Crypto analyst Cipher's prediction regarding the potential for a significant price increase to a range above $0.0001 is of particular interest to investors. However, like other crypto investments, investing in SHIB carries high risks.
Do careful research and analysis before deciding to invest in SHIB. Understand Cipher predictions and the technical analysis that accompanies them.
Don't just focus on predictions of price increases, but also consider the risks involved. Apart from that, invest funds that suit your financial capabilities. Remember, crypto investment is suitable for investors with a high-risk tolerance.
How to Buy Shiba Inu (SHIB) on Bittime
You can buy and sell Shiba Inu (SHIB) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Shiba Inu (SHIB) is available on Bittime with the market pair SHIB/IDR. To be able to buy SHIB IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy a Shiba Inu (SHIB) at Bittime.
Monitor the price chart movements of Shiba Inu (SHIB), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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