Shiba Inu Tanks to 16-Month Low: Should You Buy Now?
Recent research shows a bullish configuration, suggesting that Shiba Inu could recover from recent market underperformance with a 62% rally in sight. In particular, amidst a wider market capitulation, Tom Tucker just tweeted this optimistic outlook for Shiba Inu. The brief decline of Bitcoin below $100,000 had an impact on Shiba Inu, which plummeted to a 16-month low of $0.00001004 during the day.
Tucker pointed out that the drop was caused by the growing geopolitical tension after the US entered the conflict between Israel and Iran. Shiba Inu is still down 15% since the beginning of June and 38.7% from its peak of $0.00001765 in May, despite a minor recovery.
Shiba Inu Forms Bullish Structure Amid Market Dip: 62% Rally Ahead?
Due to prudence on the part of huge Shiba Inu holders, the analyst also saw an 80% decline in whale holdings. Decreases in leveraged trading are also indicated by open interest, which falls to $122.97 million, a level last observed in early April.
That being said, the market expert believes that Shiba Inu might be ready for a significant price shift. Tucker’s June 22 analysis revealed the formation of a bullish structure, pointing to potential confirmations for a possible 62% gain.
SHIB Teeters on Key Support: Will History Repeat with a 71% Surge?
He pointed out that Shiba Inu is creating a double bottom price structure on the 1D chart, which is a common indication that the price of an asset has dropped. This claim is corroborated by the accompanying chart, which indicates that on Sunday, Shiba Inu came close to a significant low of $0.00001004.
On April 7, Shiba Inu had already recovered from the region after plunging to a low of $0.00001028. The meme coin surged 71.6% to reach its peak of $0.00001765 on May 12, due to momentum from the support area and a general market advance.
Similar anticipation has been raised by Shiba Inu’s recent testing of the area. Tucker pointed out that in order to validate the double bottom formation and the ensuing 62% rebound, SHIB must maintain the crucial support area in the $0.00001030 zone.
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