Shiba Inu is currently experiencing a significant decrease in value, with the cryptocurrency market facing a downturn. Crypto analyst Cipher predicts that Shiba Inu may hit bottom for the cycle, expecting its third wave to push it above the $0.0001 zone. Despite the current market crash, Cipher believes that SHIB needs to hold above the $0.00001450 to $0.00001690 range to remain within its projected trajectory.
The macro Elliott Wave structure of Shiba Inu reveals that it is currently in its third wave, with the possibility of reaching new all-time highs. However, Cipher warns that the ongoing downtrend could potentially drop SHIB to the $0.00001450 and $0.00001690 range before recovering. Despite this, Cipher is optimistic about a potential rally above the $0.0001 price territory, potentially surpassing its 2021 all-time high price.
Even though Shiba Inu is currently undervalued, technical indicators suggest a possible resurgence in its value. The cryptocurrency remains above its 21-week EMA and has shown resilience in maintaining support levels. With the CCI and RSI indicating undervaluation, along with decreasing exchange reserves, Shiba Inu may be positioned for a significant recovery in the future. Overall, while the current market conditions are challenging, there is hope for a positive turnaround for SHIB investors.