The price of Bitcoin continues to hover around the $43,900 level, and today we have seen significant gains in altcoins. The prevailing sentiment that the king cryptocurrency will make a new correction is intriguing. However, this pullback has not been triggered despite the strong employment data that came a few hours ago. So what is the latest on the Shiba Coin front?
Shiba Coin Reviews
Most altcoins have experienced significant breakouts today. ADA Coin, which has been stuck under $0.4 for months, even exceeded $0.5, reminding us that we are in a real bull market. As expected, Shiba Coin removed a zero from its price and it also began to hover at a critical turning point.
On the daily chart, Shiba Coin’s price has been hovering below the declining resistance line since January. Despite the Binance and Coinbase case, most altcoins reached lower levels than in 2022 in early June. After this bottom, Shiba Coin showed the existence of investors who know that declines will not continue forever by forming a long lower wick.
After four significant attempts, Shiba Coin’s price, which got rid of the trend line on December 3, continues to reward investors who acted bravely in June. The RSI is positive and the trend is upwards, while BTC continues to remain strong contrary to expectations, Shiba Coin may experience more increases.
Shiba Coin Price Target
Everything is very nice, the price broke the resistance, so what will happen next? The six-hour short-term chart shows us two possibilities with Elliot wave counting. In the first one, Shiba Coin has just completed its A-B-C corrective structure. This possibility seems more likely as the price is trading within the parallel channel and the A:C waves are exactly in 1:1 ratio.
The other possibility shows that the price is stuck in the formation of an ascending 1-2/1-2 wave. The sub-wave count is in white and shows that the price is currently in the second sub-wave. If the counting is correct, Shiba Coin’s price should reach the $0.0000014 peak.
In order for the bullish prediction to occur, the price needs to break out of the channel. In the negative scenario, a drop down to $0.0000080 can be seen.
Disclaimer: The information contained in this post is not investment advice. Investors should be aware of the high volatility and thus risk of cryptocurrencies, and should conduct their transactions based on their own research.