A TradingView analyst forecasts a corrective dip for Shiba Inu to $0.00001735 before a potential recovery and a surge to new highs.This week, Shiba Inu experienced notable price fluctuations, aligning with the bearish market trend. Its price declined in the past 24 hours, contributing to a 2.64% drop over the last seven days, trading at $0.00002053 at press time. The downturn followed a multi-month high of $0.00003284 SHIB attained in December 2024, after which the asset moved below the $0.00002 region before recovering. Following this decline, analysts have pointed to technical patterns that suggest further price movements in the near term.Downward Wave For Shiba Inu Before New HighsA TradingView analysis observed Shiba Inus price movement forming an expanding diagonal pattern, followed by a corrective triangle. The pattern suggests a possible downward move before any potential reversal. The analysis highlights a five-wave expanding diagonal labeled one through five, representing an impulsive price move.SHIB/USDT 12-hour Price ChartSHIB/USDT 12-hour Price ChartWith the corrective triangle labeled as wave B now complete, wave C is anticipated, projecting a drop toward the 0.618 Fibonacci retracement level near $0.00001735. This is a demand zone from which Shiba Inu may see its final correction before a significant rebound. The expectation is that wave C will complete the structure, setting up the asset for potential gains afterward.Key Support and Bullish Setup For SHIBMeanwhile, a separate TradingView analysis presented a more optimistic outlook, citing a bullish setup within a rising channel. According to this perspective, the key support level at $0.00001947 would provide Shiba Inu with a substantial rebound opportunity. Notably, Shiba Inu tested the $0.00001947 price on Monday during the market-wide dump. The price target outlined for the rebound scenario from this point is $0.00004170, representing a potential increase of approximately 114%.SHIBUSDT 2-day Price ChartSHIBUSDT 2-day Price ChartLong-Term Target for SHIBMeanwhile, a separate January 19 analysis emphasized a broader bullish setup, suggesting that Shiba Inu could experience a 580% price increase. The analysis referenced a pattern of higher highs and higher lows since June 2023, indicating that the token remains in a bullish consolidation phase.The analyst argued that Shiba Inus overall bull thesis remains intact despite its recent bearish performance. He expects the assets next move to surpass its all-time high, especially after reclaiming dominance above $0.000032. One of the key price targets identified in the long-term outlook is $0.00007056. Meanwhile, the analyst believes the bullish wave could push Shiba Inu's price to $0.0001397 this season, canceling a zero.
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