The price of the popular meme coin Shiba Inu (SHIB) is likely to form a major bull trap in the coming weeks, according to crypto analyst Tomy M, who noted that the price of Shiba Inu (SHIB) has fallen off the cliff. The analyst says that traders and investors can benefit from it if they are aware of this possible macro scenario. We have prepared Tomy M’s analysis for our readers.
“Shiba Inu price has good and bad news”
Shiba Inu (SHIB) price is at an all-time low with $0.00000510, which occurred in September of 2021, as you know on Kriptokoin.com news. progressing to levels. Since the price is only 50% off the level, calculating a scenario of how liquidity hunting might take place can save long-term investors from the risks of financial ruin. SHIB price has fractal waves shrinking for short periods of time on the daily and weekly chart before sending the popular meme cryptocurrency on a straight-line rally.
SHIB price action, according to the Fractal Wave projection, a 50-70% higher pullback towards $0.00001600 is possible. That’s good news. This is also mixed with the overall market sentiment, where a countertrend rally is expected since this week’s devastating sell-off. The bad news is that the next corrective rally could be a bridge between the final leg of the emerging zigzag wave C to break the bottom. The price targets for the recent drop of the dog-themed meme coin are 0.00000570, 0.00000350 and $0.00000185.
Shiba Inu (SHIB) price chart / Source: TradingView However, there is always room for alternative counts and sudden changes in price action. The best override for a bearish scenario would be a breach above $0.00002225. If this happens, the zigzag stroke is considered finished. The bulls can reconcile the trend and target $0.00003800 resulting in a 275% increase from the price of the current meme coin.
Shiba Inu (SHIB) price chart / Source: TradingView At the time of writing, SHIB is 0.00001198, down 7.27% in the last 24 hours and nearly 40% in the last week It was traded in dollars.
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