Shiba Inu is on the verge of hitting its bottom price for the cycle, with crypto analyst Cipher expecting its macro third wave to push it above the $0.0001 zone.
The cryptocurrency market is currently facing a downturn, and Shiba Inu has not escaped the ongoing onslaught. SHIB is currently down 50% from its cycle top of $0.00004567, having breached multiple psychological support levels to trade at the $0.000022 territory.
Amid the current situation, crypto analyst Cipher has updated his outlook, looking to predict Shiba Inu’s future trajectory from this point accurately. In an analysis of X, Cipher disclosed that he had caught the Shiba Inu bottom for this cycle on the weekly timeframe.
Image Source: https://twitter.com/CryptoCypher20/status/1780282291979227385
The analyst identified this bottom range with a gray box, currently sitting between $0.00001450 and the August 2022 highs at $0.00001690. According to Cipher, if the current market crash persists and takes Shiba Inu to this price range, SHIB needs to hold above it to remain within its projected trajectory.
Macro 3rd Wave Eyes Close Above $0.0001
For context, this projected trajectory takes the form of a complex web of Elliott Wave patterns. However, these smaller patterns are enshrined within a larger Elliott Wave structure, which Cipher calls the macrostructure. This macro Elliott Wave structure began during Shiba Inu’s early trading days.
SHIB completed Wave 1 when it surged to an all-time high of $0.00008854 in October 2021. The second wave started during the collapse from the all-time high and ended when Shiba Inu collapsed to the low of $0.00000543 last June.
SHIB then began Wave 3 on the heels of a recovery from this low. According to Cipher, Shiba Inu still trades within the third macro wave, which could lead to new all-time highs. However, data from his chart confirms that the current downtrend could take SHIB to the $0.00001450 and $0.00001690 range before it eventually recovers.
Nonetheless, Cipher failed to project a specific price target for when Shiba Inu stages a recovery. Despite this, the analyst expects SHIB to rally above the $0.0001 price territory, essentially breaking above its 2021 all-time high price. Several pundits have argued that SHIB could surpass the $0.0001 territory this cycle.
Shiba Inu Currently Undervalued
Meanwhile, despite the downturn, SHIB remains above its 21-week EMA at $0.00001857 as it trades for $0.00002263. The bears retested this pivotal threshold last week when they pushed Shiba Inu to a two-month low of $0.00001830 on April 13. However, SHIB showed resilience at this support, eventually recording a recovery.
Notably, the daily technicals suggest that Shiba Inu is currently undervalued and could be poised for a significant resurgence. Its CCI currently flashes a -106.64 value, while the RSI has dropped to 40.31 on the daily timeframe. Moreover, CryptoQuant data suggests that Shib exchange reserves have continued to decrease.
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