Analyst Says One Final Shiba Inu Drop Before 131% Surge to $0.00003

A widely followed market watcher on TradingView suggests Shiba Inu may experience one final drop before a massive rebound that could drive it back to $0.00003.

Today, Shiba Inu tanked by over 14%, trading at $0.00001323 at press time. This massive price drop followed Bitcoin’s recent retracement to the $53K range early today, triggering a bloodbath in the crypto scene. 

Being a meme coin with higher volatility, Shiba Inu was a major victim in the market-wide dump. This latest outcome is part of the bearish momentum sweeping the crypto market since June. Trading at $0.00001323, Shiba Inu is down by 49.5% in the last 30 days.

Notably, some market watchers anticipated the emergence of this dip. With the forecast coming to fruition, they have become more convinced that a rebound for Shiba Inu is underway. Analyst Alan Santana of TradingView is one such market observer. 

One Final Shiba Inu Drop Before Bull Party

In an earlier update, Santana proposed that Shiba Inu would witness one final major price collapse before a bullish party takes the stage. He first highlighted Shiba Inu’s remarkable performance earlier this year, noting that when considering the bullish wave on a yearly scale, the asset had achieved a 720% growth.

Accordingly, the analyst emphasized that Shiba Inu’s current poor performance is a typical correction following its past strong performance. He anticipated another significant price drop, which he believes will lead to a short-term bounce followed by a second drop.

According to him, this second drop would be the final one before a sustained period of significant growth. 

Is the Final Drop Already in?

On Wednesday, Shiba Inu traded at around $0.0000172 at the time of the update. By the next day, SHIB slumped by 18% to a low of $0.0000146. Meanwhile, as of today, Shiba Inu hit a new bottom of $0.00001294, marking a 12% drop from the previous low.

If recent price declines align with his predictions, Shiba Inu is still witnessing the first drop. The analyst expects this first drop to culminate in a decline to $0.000012. Afterward, he predicts a rebound to the $0.000017. However, Santana sees another retracement that could push SHIB to $0.000011. This retracement represents the second and final drop.

According to his analysis, after this final drop, Santana expects Shiba Inu to rally back up to the $0.000030 threshold in the short term. Considering today’s low of $0.00001294, this would represent a potential profit of 131.83% for those buying Shiba Inu dip today.