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Shiba Inu’s June Struggles: Will SHIB Hit $0.000018?

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SHIB's Bullish Future: Whale Holdings Down and Burn Rate Surge

Pseudonymous market analyst, The Don of Apes, forecasts that Shiba Inu (SHIB) could drop to the $0.000018 level. Despite SHIB’s recent underperformance, he identifies this price range as a favorable entry point for investors. This month, SHIB has struggled, having dropped from its peak of $0.00002945 on May 29. Sustained bearishness in June has persisted due to broader market uncertainties, particularly Bitcoin’s inability to surpass the $70,000 threshold. 

Data from CryptoRank highlights June as Shiba Inu’s historically worst-performing month. Notably, SHIB has never posted gains in June since its inception. This year seems no different, with SHIB already down 13% on the monthly chart. The Don of Apes anticipates that this downtrend will continue, likely resulting in a break below the critical $0.00002 support level.

Key Support Levels

Since hitting $0.00001830 on April 13 and quickly recovering, SHIB has defended the $0.00002 level despite ongoing losses. The closest SHIB has come to breaking this support was on May 1, when it fell to $0.00002057. Currently hovering around $0.000021, The Don of Apes predicts an eventual drop to $0.000018.

Related article: Shiba Inu Transfers and Burns: $100 Million SHIB to Coinbase

Given the weak demand between $0.000019 and $0.000021, SHIB could easily breach this support. IntoTheBlock data shows only 9.45 trillion tokens held by 8,380 addresses at this level, suggesting minimal volume. Consequently, downward pressure could lead to a sharper decline, with The Don of Apes specifically predicting a drop to $0.00001822. The last time it was at this level was on March 2 during its previous uptrend.

An Attractive Entry Point

Despite the potential drop, the analyst sees a silver lining. If SHIB’s price falls to the $0.00001822 level, he views it as a buying opportunity for investors. This suggests he expects a recovery from this level. Supporting this view, current bullish market data indicates it might be gearing up for an upside reversal. 

Related article: Shiba Inu Burn Rate Rises By 3010%, SHIB Army Fights Falling Price

According to CryptoQuant, SHIB is in the oversold zone at its current price of $0.00002178, with a Relative Strength Index (RSI) of 22 and a Stochastic indicator at 19.

While The Don of Apes foresees a potential decline for SHIB, he also identifies a strategic entry point that could lead to future gains. This analysis provides investors with a nuanced perspective on SHIB’s current market dynamics.

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The past month has been a rollercoaster ride for the cryptocurrency market, with Bitcoin and Ethereum experiencing significant price drops.