Shiba Inu price could set up a massibe bulltrap in the coming weeks. Traders and investors could benefit from being aware of this this very possible macro scenario.
Shiba Inu price is inching towards the all-time lows at $0.00000510 that occurred in September of 2021. Because the price is only 50% away from the level, calculating a scenario on how the liquidity hunt could occur could save long-term investors from financial devestation. Shiba Inu price has fractal waves within the daily and weekly chart that contract for short periods before sending the popular meme coin into a straight-lined rally.
Using the fractal wave projection, Shiba Inu price action could retrace 50-70% higher towards the $0.00001600. That’s the good news. This also confounds the market sentiment in the crypto space as a counter highly anticipated since this week’s devastating sell-off. The bad news is the next corrective rally could be a bridge between the final leg down within the unfolding zigzag c wave set to breach the lows. The price targets for the final c leg down lie at $0.00000570, $0.00000350 and $0.00000185
SHIB/USDT 1-Day Chart
Still, there is always room for alternate counts and sudden changes in price action. The best invalidation for the bearish scenario will be a breach above $0.00002225. If this were to occur, the zigzag impulse would be deemed terminated. The bulls could reconcile the trend and aim for $0.00003800, resulting in a 275 % increase from the current Shiba Inu price.
SHIB/USDT 1-Dau Chart