By Key Points
- Shiba Inu’s potential surge of 2,564% to $0.00045 predicted by top analyst.
- Bitcoin’s slump to below $63,000 influences SHIB’s 32.72% drop.
- Analyst Captain Parabolic Toblerone updates SHIB’s Elliott Wave structure.
- Shiba Inu’s daily RSI suggests an imminent recovery.
- Shiba Inu’s Imminent 2,564% Rally: Top Analyst’s Bold Prediction
Shiba Inu (SHIB), the meme cryptocurrency, is set for a potential massive rally. Market analyst Captain Parabolic Toblerone has recalibrated the Shiba Inu wave count aiming for an ultimate price of $0.00045. This ambitious target represents a staggering increase of 2,564 percent from its current value.
$SHIB chart update. pic.twitter.com/v3pZxH3DJA
— CAPT. PARA8OLIC TOBLERONE (@CaptToblerone) May 27, 2024
Current Market Landscape and Bitcoin Influence
Bitcoin (BTC), the leading crypto asset often affects the performance of SHIBA INU. As bitcoin struggles below the $63k mark dropping by 7 percent this month alone and slumping even further in June with a loss amounting to 32.72%, ship has followed suit in this bearish trend since May thereby dropping significantly up until now at its lowest point which was recorded at level $0.000017 – something that has not only crushed investor morale but also dampened it all together.
However, despite such downward spirals being witnessed across various sectors within financial spheres worldwide during these times when everything seems too sad or hard there will always exist some individuals like captain Toblerone who still manage to remain hopeful against all odds.
According to them, bears are bound to turn bulls eventually hence why they continue to predict positive outcomes based on their analysis done over years using five wave patterns among other tools so as to determine what may happen next within different markets.
Updated Elliott Wave Structure for Shiba Inu
Captain Toblerone’s latest adjustment to the wave count comes as SHIB struggles at $0.000017 having lost higher levels i.e., $0.00002, $0.000019, and $0.000018 due to bearish pressure.
According to the new Elliot Wave structure proposed by Captain Toblerone, there should be an imminent recovery where following this current dip; wave one might drive prices up until level $0.00005 which would also represent a fresh yearly high then afterward wave two is expected to trigger 50% retracement bringing back down towards $0.000025 mark.
Traditionally wave three is usually the most bullish phase hence it could push price above 0.00010000 usdt targeting territory around 20000 usdt thereby setting another all-time high however according to Toblerone’s projection ship will not go below but test support again during the fourth before lastly culminating into the fifth that sees the ultimate target achieved being equaling 45000 satoshi
Current RSI Indicates Potential Reversal
The relative Strength Index (RSI) of Shiba Inu following its recent drop below March lows has also been affected greatly since it now stands at 25; a three-month low trading currently around $0.00001689 – this is an extreme oversold condition when considered within a context such low rsi numbers normally signal impending reversal which in turn ignites first upward movement commonly referred to as wave one with approximate value equaling five cents ($).
