Shiba Inu Faces Potential 30% Capitulation: Here’s the Target
February 10, 2025
Analysis indicates that Shiba Inu may experience a potential 30% capitulation, which could delay its rebound to new highs. Market watcher MadWhale has stated in a TradingView analysis that Shiba Inu’s bearish momentum is still present. Despite some upward movement after a steep drop on February 3, the meme coin is still trading within a descending channel.
To provide context, Shiba Inu recently rebounded strongly from a multi-month low of $0.00001160, driven by macroeconomic headwinds. The meme coin, currently the second-largest by market cap, saw a 37% rebound to close at $0.00001680 and has since remained in that range.
MadWhale, known for accurate predictions, believes that Shiba Inu is still in a bearish phase. As a result, he speculates that the token may see lower prices, potentially towards its higher timeframe support area. The analyst suggests that the prominent meme coin will correct at least 30% from its current valuation to the support level of $0.00001123. Depending on the broader market condition, the downtrend may extend to even lower prices.
However, MadWhale proposes two possible scenarios for the downtrend. According to his accompanying chart, Shiba Inu could either resume its uptrend from the current market position or trend towards higher prices before the correction.
If Shiba Inu temporarily appreciates, MadWhale’s chart indicates that it could surge to the tip of the ascending channel before another round of capitulation. The channel’s tip is around $0.00001930, representing a 20% increase from the current market price.
Despite the current bearish phase, analysts maintain a bullish long-term view on Shiba Inu. They have confidence in its historical ability to rebound from market downsides and its overall bullish momentum within its ecosystem.
For example, a top Bitcoin analyst named Crypto ELITES predicts a 2,860% breakout to $0.0004729, citing a classical cup-and-handle pattern. Another analysis suggests that Shiba Inu may target a significant uptick to $0.00004170 after completing the downside. Additionally, a separate analysis predicts further upside potential, with an upward trajectory of over 543% to $0.0001397.
Currently, SHIB is trading at $0.00001604, showing a 2% increase in the past 24 hours.
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