Shiba Inu Faces Potential 30% Capitulation: Heres the Target
Analysis indicates a potential Shiba Inu rebound to new highs may delay amid a possible 30% capitulation to a crucial monthly support.Market watcher MadWhale has asserted in a TradingView analysis that Shiba Inus bearish momentum remains. The pseudonymous analyst stated that while the doggy-themed meme coin has seen some upsides after a steep drop on February 3, it still trades within a descending channel.For context, Shiba Inu recently rebounded strongly from a multi-month low of $0.00001160 a week ago amid a macroeconomic headwind. The second-largest meme coin by market cap rebounded 37% from the price level to close at $0.00001680 and has trended around the region.Another 30% Downside?MadWhale, who lauded the accuracy of his previous predictions, stated that Shiba Inu is still in a bearish phase. As a result, he speculated that the token might see lower prices, specifically towards its higher timeframe support area.The analyst suggested the prominent meme coin will correct at least 30% from its current valuation to the support at $0.00001123. Meanwhile, he stated that the downtrend may extend beyond the support to lower prices depending on the broader market condition.Nonetheless, MadWhale speculated two likely scenarios for the downtrend. An accompanying chart shows that Shiba Inu could either resume the uptrend from the current market position or trend to higher prices before the correction.
Text source: The Crypto Basic
