Shiba Inu’s Potential Price Rally to $0.00005

According to TradingView analyst Alikze, Shiba Inu (SHIB) is poised for a significant price rally. This prediction comes after Alikze accurately forecasted the recent SHIB price collapse. Initially, Alikze warned of a steep decline when SHIB was trading between $0.00002487 and $0.00002635.

As many analysts predicted a surge to $0.00003, Alikze cautioned that SHIB would experience a sharper drop before any potential recovery. His analysis has since proven accurate, with SHIB dropping below $0.00002 and ending June with a 32.13% decline.

Despite the recent downturn, Alikze projects an imminent upsurge for SHIB. He suggests that SHIB could eventually reach the $0.00005 price territory. He outlines three potential paths for this recovery.

The first path involves SHIB following the optimistic predictions of many analysts, directly rising to $0.00005. In the second path, SHIB would retest the region between $0.00002084 and $0.00001786, which Alikze calls the liquidity area, before skyrocketing to $0.00005. This liquidity area is expected to act as a strong support level.

However, the third path, which has played out, involves SHIB breaching below the liquidity area. Following this breach, SHIB dropped to $0.00001707, matching Alikze’s prediction. With SHIB at press time trading at $0.00001716, Alikze expects a recovery, albeit with further declines to the Fibonacci 100 area, aligning with $0.00004. He considers this region as the launchpad for a significant upward movement.

Consequently, when the rally materializes, Alikze maintains his initial target of $0.00005, projecting SHIB to reach a range between $0.00005387 and $0.00005937. The last time SHIB saw this price range was in November 2021, following its all-time high of $0.00008845.

Besides Alikze, market analyst Davie Satoshi also forecasts an imminent return to the $0.00005 territory for SHIB. This potential rally could gain momentum if the current trend of exchange net outflows persists.

According to CryptoQuant, SHIB has recorded 23 days of negative exchange flows since June 2, with outflows exceeding 8.6 trillion SHIB in the past month. This trend could provide the necessary strength for SHIB’s upward push.

Despite starting July with a slight increase, SHIB is currently down 0.45% this month. However, with its Relative Strength Index (RSI) at 33.68, SHIB hovers around oversold territories. Moreover, Santiment reports that SHIB’s Market Value to Realized Value (MVRV) has dropped to -1.5, indicating the potential for a price increase.