Coin World reports:
A widely followed market observer on TradingView stated that Shiba Inu might experience its final decline before a massive rebound, pushing it back to $0.00003.
Today, Shiba Inu plummeted over 14%, trading at $0.00001323 at the time of press. Bitcoin recently retraced to the $5300 range earlier today, triggering a bloodbath in the cryptocurrency domain.
As a more volatile meme coin, Shiba Inu was a primary victim of the overall market sell-off. This latest outcome is part of the bearish momentum that has swept the cryptocurrency market since June. Shiba Inu’s trading price of $0.00001323 represents a 49.5% decline over the past 30 days.
Notably, some market observers had anticipated such a drop. With the prediction coming true, they are more convinced that Shiba Inu’s rebound is underway. Alan Santana, an analyst on TradingView, is one such market observer.
The Last Shiba Inu Toss Before the Bull Party
In an earlier update, Santana suggested that Shiba Inu would witness its final significant price drop before the bullish side takes the stage. Earlier this year, he first highlighted Shiba Inu’s stellar performance, noting that the asset achieved a 720% growth when considering the annual bull market.
Therefore, the analyst emphasized that Shiba Inu’s current poor performance is a typical correction following its past strong showing. He expects the price to drop significantly again, which he believes will lead to a short-term rebound followed by a second decline.
According to him, this second decline will be the last before a sustained substantial growth.
Shiba Inu TradingView
Has the Last Drop Come?
On Wednesday, Shiba Inu traded at approximately $0.0000172 during the update. The next day, SHIB plummeted 18%, dropping to a low of $0.0000146. Meanwhile, as of today, Shiba Inu has hit a new bottom of $0.00001294, a 12% fall from the previous low.
If the recent price drop aligns with his prediction, Shiba Inu is still in its first decline. The analyst expects this initial drop to eventually reach $0.000012. Afterward, he predicts a rebound to $0.000017. However, Santana sees another pullback, possibly pushing SHIB to $0.000011. This pullback represents the second and final decline.
Based on his analysis, after the last drop, Santana expects Shiba Inu to rebound to the $0.000030 threshold in the short term. Considering today’s low of $0.00001294, this would mean a potential profit of 131.83% for those buying the Shiba Inu dip today.