• 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 

TM/SHIB/5/14/22

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.
 

TM/SHIB 5/14.22

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

Scam Alert: How to avoid trouble on Terra’s LUNA 2.0 airdrop

The LUNA hard fork is set to occur on May 28, followed by the subsequent airdrop of LUNA 2.0 tokens to eligible holders. Ahead of the real LUNA 2.0 airdrop, some scammers have tried to lure LUNA and UST holders to send their assets in lieu of receiving the new tokens. 

More Terra News

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin Weekly Forecast: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

More Bitcoin News

This Web3 move by Crypto.com could be a good bet for patient investors

This Web3 move by Crypto.com could be a good bet for patient investors

Crypto.com price stabilization on a high time frame chart indicates that a bottom formation could be taking place. This pattern combined with a bullish signal from a momentum indicator adds credence to the possibility of a reversal and a recovery rally for CRO.

More Crypto.com News

Why Elon Musk’s tweet failed to move Dogecoin price

Why Elon Musk’s tweet failed to move Dogecoin price

Dogecoin price slipped up as Bitcoin price triggered a sudden crash on May 26. This downswing, while serving as a great opportunity to accumulate DOGE, failed to recover alongside BTC.

More Dogecoin News

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin: On-chain metrics support multiplying downside threats

Bitcoin price consolidates above a weekly support level after the LUNA-induced crash on May 12. This coiling price action could cause BTC to trigger a move to the downside, further deepening the woes of investors.

Read full analysis

BTC

ETH

XRP