Shiba Inu price could print new all-time lows if this Elliott Wave fractal reignites
|- Shiba Inu price is falling on a steep decline.
- Elliott wave fractal could forecast a sweep of the lows event.
- Invalidation of the bearish downtrend is a breach at $0.00002225
Shiba Inu price could set up a massibe bulltrap in the coming weeks. Traders and investors could benefit from being aware of this this very possible macro scenario.
Shiba Inu price has good and bad news
Shiba Inu price is inching towards the all-time lows at $0.00000510 that occurred in September of 2021. Because the price is only 50% away from the level, calculating a scenario on how the liquidity hunt could occur could save long-term investors from financial devestation. Shiba Inu price has fractal waves within the daily and weekly chart that contract for short periods before sending the popular meme coin into a straight-lined rally.
Using the fractal wave projection, Shiba Inu price action could retrace 50-70% higher towards the $0.00001600. That's the good news. This also confounds with the ooverall market sentiment a counter trend rally is highly anticipated since this week's devastating sell-off. The bad news is the next corrective rally could be a bridge between the final leg down within the unfolding zigzag c wave set to breach the lows. The price targets for the final c leg down lie at $0.00000570, $0.00000350 and $0.00000185
SHIB/USDT 1-Day Chart
Still, there is always room for alternate counts and sudden changes in price action. The best invalidation for the bearish scenario will be a breach above $0.00002225. If this were to occur, the zigzag impulse would be deemed terminated. The bulls could reconcile the trend and aim for $0.00003800, resulting in a 275 % increase from the current Shiba Inu price.
SHIB/USDT 1-Day Chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.