Shiba Inu’s price trajectory has continued to disappoint investors with what seems like a never-ending sell-off. As a result of one year of downtrend, the Shiba Inu price has dropped more than 93% from its 2021 all-time high, now barely resting on levels not seen in two years. While this is going on, though, the bulls seem to be ramping up as the Falling Wedge Support continues to hold strong. Now, the question is, what happens if bulls are able to facilitate a bounce?
Why Shiba Inu Could See A 500% Bounce
According to crypto analyst Jonathan Carter, the Shiba Inu price is now sitting in a unique position that could trigger the next upward wave. This has to do with the Falling Wedge Support still holding strong, even after multiple attempts to break it.
This shows that the level around $0.0000054 has become a stronghold for bulls. Thus, it has become an important entry level for investors looking to get back in, provided that the bulls are able to continue holding this support and trigger a lift-off from here.
Once this support and the eventual bounce is completed, the first major level that the analyst outlines is at $0.0000068. It is the first of all the major targets that the Shiba Inu price has to surmount before continuing its journey toward the final target.
Next on the list is the $0.00001, which has become a major psychological level and resistance. Once this is completed, then it leads to the third major resistance lying at $0.000013. However, bulls might find it easier to beat this level given how it has performed in the past.
The fourth target on the list lies at $0.000016, and at this point, the price would have risen 3x already. The uptrend could be in full bloom by then, leading to the next major support at $0.000022, where the bulls are likely to encounter the most resistance.
The last and final target is placed at $0.000033 by the analyst. Going by the analysis, this would be the ideal level to sell after buying at $0.0000054. “Buyers are defending this established support zone as strength emerges from the consolidation phase,” the analyst said.
