The cryptocurrency market is going through a nightmare period and even the leading cryptocurrency Bitcoin (BTC) is reflecting the pains of this period. BTC price experienced a 10% decline in the past 7 days, showing a significant drop, and altcoins followed suit. Altcoins such as Dogecoin (DOGE) and Shiba Inu (SHIB) also became victims of this and it seems that the crypto sector will be dominated by a red color for a while. However, a well-known analyst made a critical statement, especially about SHIB.
SHIB, currently showing a 5% increase in the last 24 hours, actually demonstrated resistance to the decline and showed that action was taken to change the situation. With this rise, SHIB returned to the level of $0.00000827, but the traces of the 14% drop in the past 7 days have not completely disappeared. A well-known analyst suggests that these traces may soon be erased.
Famous cryptocurrency analyst Alan Santana seems to have presented a very bullish scenario for SHIB. The analyst interpreted the drop that occurred on August 17 as a bottom and emphasized that it is an unbreakable support for now.
The famous cryptocurrency analyst stated in his statement about the subject that SHIB price could experience a new rally in the coming days. In this comment, made based on the analyst’s Elliott Wave analysis, the date that stands out is August 23, today. The analyst stated that the Doji candlestick here gives a signal of upward acceleration and expects an incredible increase of 200% in total.
According to this theory, SHIB can reach the levels of $0.00001600 in a short period of time. It is also possible for SHIB to enter the top 10 in this way. However, of course, for this to happen, BTC needs to move or stay steady above a certain support level.
The painful process is not over for the cryptocurrency sector, but nevertheless, positive SHIB predictions may be enough to make investors smile.