Spooky Fractal: Shiba Inu Could Fall To These Levels!

Spooky Fractal: Shiba Inu Could Fall To These Levels!

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According to crypto analyst Tomy M, who noted that the price of the popular Shiba Inu coin (SHIB) fell off the cliff, the Shiba Inu price could form a major bull trap in the coming weeks. The analyst says traders and investors can benefit if they are aware of this possible macro scenario. We have prepared Tomy M’s analysis for our readers.

“Shiba Inu price has good news and bad news”

Shiba Inu (SHIB) Price, cryptocoin.com It is heading for all-time lows with $0.00000510 occurring in September 2021, which you know about in the news. Given that the price is only 50% of the level, calculating a scenario of how the liquidity hunt might take place can save long-term investors the risk of financial ruin. SHIB price has fractal waves that shrink for short periods on the daily and weekly chart before sending the popular cryptocurrency even on a straight-line rally.

SHIB price action, per the Fractal Wave projection, is a 50-70% pullback higher towards $0.00001600. It’s good news. This is also mixed with general market sentiment, where a countertrend rally is expected from this week’s devastating selloff. The bad news is that the next corrective rally could be a bridge between the last leg of the emerging zigzag C wave to break through the bottom. The price targets for the dog-themed meme coin’s recent drop are $0.00000570, $0.00000350, and $0.00000185.

shiba inus
Shiba Inu (SHIB) Price Chart / Source: TradingView

Yet, there is always room for alternate accounts 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 complete. The bulls can reconcile the trend and target $0.00003800, resulting in a 275% increase from the current even coin price.

shiba inus
Shiba Inu (SHIB) Price Chart / Source: TradingView

As of this writing, SHIB is trading at $0.00001198, down 7.27% in the past 24 hours and around 40% in the past week.

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